A longer term trade here looking for a re-test then a bounce off resistance. TDI market baseline still decreasing but flattening showing a possible end to the bearish sentiment on this pair. MA Cross looking like by the end of play today.
A possible TP at the clustered resistance (yellow line). Wait for confirmation on this longer term trade
Daily - Expecting a pullback to the most recent area of support, which also lines up with the 50ema. We have seen several rejections of the descending trendline and the most recent resistance area.
4HR - If we drop down to the 4hr we can see that price broke the ascending trendline, if we get the pull back expected, and a retest of the descending trendline, I...
On the Daily price has made an impulsive move to the upside and then consolidated in a falling wedge pattern after testing and faking out of the psychological level/support of 1.5200.
On the 4 Hour we can see price has stalled and started to retrace towards the fib levels, 50 EMA and Market Structure so upon interaction and price action confirmation we can look...
We have seen a nice bearish run on this pair and now consolidating in the support zone. We have seen a nice bullish engulfing candle from the zone which suggest that me might see a bullish run soon. I have gone long on this one and marked the tp and sl for you as well.
Let me know your thoughts.
Trade safe and good luck.
In weekly Price its showing bearish momentum
IN 4H Price its stuck in a Ranging market for almost 3 weeks.
If price can broke the strong support (1,5250)
Then structure its confirmed for a downtrend
price target (1,48000).
possible bounce on the trend line resistance for a good place to sell
no dowbts its going down hs formed, and the fudamentals outcast bad days for
EU as well as the oil crisies being rumors of being regulated giving us a strong CAD
. There is still a possibility of temporary retracement to suggested resistance line (1.5670). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. EURCAD is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a...