Euro / Canadian Dollar

FXCM

EURCAD

EURCAD

Retest of previous resistance.

Bulls appear to be losing momentum on this pair. Few lower highs being created. I managed to get an entry at 1.4865 however they may be another bounce from the trendline before a bigger drop .

SHORT

Wait for a large bearish candle before selling. That is your confirmation for a trend continuation.

POSSIBLE UPSIDE FOR THIS PAIR? - PREVIOUS 4 HOUR CANDLE DID NOT CLOSE BELOW SUPPORT LEVEL -1.147850 HAS BEEN TESTED WELL AND IS HOLDING STRONG - ENTRY ON BREAK AND RETEST OF BROKEN TL - IMPORTANT TO SEE HOW AND WHERE NEXT 4 HOUR CANDLE PRINTS

Taken a second short EURCAD position with a wider stop above prior breakout day's high.

Following a bounce off prior resistance and a fundamental short bias, short EURCAD at 1.4815.

No clear winner here yet following a new filled week.

EURCAD trade the pennant trendline This chart has made us a lot of Pips this year currently +130 pips a break of pennant line will see further upside

Pair is currently forming a bearish head and shoulders pattern. If price breaks below the patterns neckline, I will be waiting for a pullback back to the broken neckline before put on any sell orders. Plan your trade, trade your plan and good luck in the markets.

With oil prices predicted to rise we can see that EURCAD has recently finished bearish retracement so it is a high probabilty that price is decline as demand for the loonie increases, driving price down.

- RETEST OF BROKEN SUPPORT TURNED RESISTANCE - ALSO WAS A HEAD AND SHOULDER PATTERN TO BREAK SUPPORT

EUR CAD- We will be waiting to see how price reacts around the 4 hour 50EMA If there is a rejection from here we will be watching the 1.4860 level to taking a sell position which would complete the right shoulder on the 4 hour time frame.

look for bearish candle formations before going short conversely, Look for bullish candle formations before going long

EURCAD SHORT

Short.

*notes on chart Heiken Ashi Candles EMA 5 High EMA 5 Low