Longer term analysis of EURCAD.
Hi Traders
EURCAD is coming into an interesting area on the weekly timeframe. One we could either bounce of or break throug for a longer pullback.
The Hitman indicator is still bullish at the moment but the coming candle might change that bias. I will watch for price action clues on the daily to see if we break through that weekly support or we bounce of and go for a retest of the monthly resistance area.
As it looks now I might not enter a position this week yet as it is all in the making. There is no reason to jump in early as there is plenty of room for entering a position both ways. Also GDP news for the Euro-Zone coming out this friday. They might give the final hint in which direction things will go. I either get a very clear signal on the daily before friday or I might wait for the release of the GDP-news and then check for an entry coming monday.
EURCAD is coming into an interesting area on the weekly timeframe. One we could either bounce of or break throug for a longer pullback.
The Hitman indicator is still bullish at the moment but the coming candle might change that bias. I will watch for price action clues on the daily to see if we break through that weekly support or we bounce of and go for a retest of the monthly resistance area.
As it looks now I might not enter a position this week yet as it is all in the making. There is no reason to jump in early as there is plenty of room for entering a position both ways. Also GDP news for the Euro-Zone coming out this friday. They might give the final hint in which direction things will go. I either get a very clear signal on the daily before friday or I might wait for the release of the GDP-news and then check for an entry coming monday.
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