EURCAD - Go long
Updated
Yesterday bearish candle gave us a good entry level. Enter at market entry.
Reasons to long.
1. RSI strengthening (up).
2. Price structure - downtrend line broken.
3. 21/11 candle closed near to near-term horizontal support.
Risk/Opportunity to consider at this moment.
1. 200EMA seems like a resistance level but if able to close above it then the changes the price will go higher will be greater.
2. Same to 20EMA and 50EMA as the gap is narrowing and if 20EMA successfully to close above 50EMA then also added confidence that price will go higher.
SL at around 1 ATR - about 100pips
Target - Open at this moment (do not set any target yet)
No know sure thing. Trade with probabilities. Cheers!
Reasons to long.
1. RSI strengthening (up).
2. Price structure - downtrend line broken.
3. 21/11 candle closed near to near-term horizontal support.
Risk/Opportunity to consider at this moment.
1. 200EMA seems like a resistance level but if able to close above it then the changes the price will go higher will be greater.
2. Same to 20EMA and 50EMA as the gap is narrowing and if 20EMA successfully to close above 50EMA then also added confidence that price will go higher.
SL at around 1 ATR - about 100pips
Target - Open at this moment (do not set any target yet)
No know sure thing. Trade with probabilities. Cheers!
Trade closed: stop reached
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