EUR_CAD IS TRADING IN A CHANNEL, FACES HORIZONTAL RESISTANCE. (1) The pair modestly bullish, after breakout from downward channel (2) Horizontal resistance seems to be well respected (3) Good chance it might sink to retest channel support. (4) IF breaks out higher-wait for confirmation. (next upward resistance is R2 of a channel)...
Over the weekend we gapped into the area of 110.5 where we have trendline resistance, previous structure and the .618 fib level. I got short at 110.4, which I closed out earlier. I am now short again at 109.8 with a stop at 109.99. Expecting further downside. Check out some of my finance articles including one I just wrote about a Forex hedge fund @ anyhows.com
Regardless of Canadian CPI announced today. EC managed to hold out the support level of 1.438, we see it likely that this will be followed with another leg UP. -Trend line held since 2015! -Fib level -All smaller time frames RSI, Stock and MACD oversold -Daily RSI picking up from oversold territory hinting to another leg up -Double Bottom (-ish) Safe and...
I'm probably a little late posting this set-up but the risk:reward ratio suggest it's a good opportunity nevertheless. I'm looking for a 100 pip move back up into the previous support turned resistance around 86.45. Note that we have a double bottom but the bullish divergence on the rsi after the market went oversold yesterday is the extra confirmation that i...