EURCAD has recently made a new high and is pulling back into previous daily resistance which is now turned daily support. If EURCAD can provide some bullish price action in this area, we could see another bullish swing for the pair giving us new swing high and potentially reach 1.58000
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This morning we are taking a look at a different pair. We have huge upside potential, providing we can respect support down at 1.55950, and break resistance at 1.56150 and then form a support around that area, we have good confirmations to execute longs with two big ranges to attack. Our first target would be resistance at 1.56750 before targeting 1.57350. As...
Please view my related idea below to gain more insight to my thoughts on this pair. I would now say I am highly interested in a long position, I will be waiting for a significant pullback to get an ideal RRR trade.
I am still not 100% sure if this pair has shown signs of a fake breakout, we will need to monitor the price on Monday and wait and see whether or not price wants to continue ot respect the ascending trend line or trade outside it again. Definitely one to keep on your watchlist, lots of potential for an upside move here.
COT Data - 72% Short
From 1.6 top eurcad dropped almost 600 pips but the drop is not impulsive and has a very clear corrective move format. Also if we draw a Fibonacci from 1.51 support we can clearly see that this old resistance zone, now support, is confluent with 61% retracement and we can very well be in a "measured move" pattern.
That being said I will look for buy opportunities...