Looking to scale in on my original EURCAD short positions now price is making clear lower highs and lower lows.
Aiming to go short at the Fib 0.618 retracement level which coincides with a retest of the broken bullish TL and the new bearish TL drawn on the lower highs. The 4hr 50ema should be in that area to act as a dynamic resistance
Midterm forecast:
While the price is above the support 1.4750, beginning of uptrend is expected.
We make sure when the resistance at 1.5285 breaks.
If the support at 1.4750 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
While the RSI resistance #1 at 62 is not broken, the probability of price increase would be too...
DR: I'm going short on EURCAD as the market has crossed and closed under the VIDYA baseline and the CMF volume is below the zero cross line.
1st TP is AT 1.49795
Last TP is at 1.47765
SL is 1.51494
EURCAD buy set up -
Two entry set up this one, buy on dip. First entry position is the dotted support trend line which has built up since 3rd May with 3 good reversals. Entry 2 is the support trend line which has been holding since 2nd April with major reversals ranging between 120 pips and 160pip bounce offs. The gap is between both entries is around 25 pip....
It is more likely to see EURCAD breaks the top side:
Reasons:
1) See weighted average EURO. What do you expect?
A rotation inside the wedge formation which means it is more likely to see EURO to become stronger
2) This is CAD weighted average. And even if it is going to go higher it must touch the falling trend line...
The Euro vs. the Canadian Dollar. The Euro is the second most popular reserve currency in the world and is considered to be very stable. The Canadian dollar is the seventh most commonly traded currency in the world and is highly dependent on Canada’s exporting of its natural resources, especially oil.
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