Since end of March 2017, 1.45000 price level has become and important key level as there was a shift from resistance to become support line. Another important level is 1.50000 because it is a round number and again, an important resistance level. For the past 2.5 months, EURCAD has been ranging in these 2 important level.
Price is now nearing support level, and I believe it may still go down slightly before giving a sign of a reversal. If price can indicates a reversal near 1.45400 level, then it will be good entry for a long trade, since 1.45400 was a resistance line at 28th of March (shown by blue arrow). Partial profit can be taken at 1.48000 with the rest of the quantity, I believe can roam even further to 1.5000 price level. Stop loss will be when price managed to reach 1.44300 price level.
Price is now nearing support level, and I believe it may still go down slightly before giving a sign of a reversal. If price can indicates a reversal near 1.45400 level, then it will be good entry for a long trade, since 1.45400 was a resistance line at 28th of March (shown by blue arrow). Partial profit can be taken at 1.48000 with the rest of the quantity, I believe can roam even further to 1.5000 price level. Stop loss will be when price managed to reach 1.44300 price level.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.