EURCAD BUY OPPORTUNITY AWAITING ALERT
Hello everyone,
We have set up a potential buy trade on this pair. We have some interesting fundamentals this week which I expect to have a negative effect on CAD allowing the EUR to rise further in bullish momentum,
= The New House Price Index which is forecasted to fall which is happening today.
= Consumer Confidence, a leading index that measures the level of consumer confidence in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to an economic downturn. Forecasted not to change so shouldn’t have a major effect on EUR, however, need to be watched closely as any changes will affect the currency.
Trade Set-Up:
EURCAD = BUY NOW
SL: 1.55330 (100 PIPS)
TP1: 1.56957 (40 PIPS)
TP2: 1.57566 (101 PIPS)
TP3: 1.58138 (160 PIPS)
Long Term Target: 1.59678 (335 PIPS)
If you are new to FOREX trading, here is the definition for words you may see mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, Commodities, or Indices.
Market Structure: This is classified as any group of candlesticks placed together with the use of Support, Resistance, and Trendlines. once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where the price tends to reverse after a sell-off (lower price action)
Resistance: Areas in the market where the price tends to stop, pause or reverse after the bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short/Bearish: Taking a position to sell the base currency.
Long/Bullish: Taking a position to sell the base currency.
We have set up a potential buy trade on this pair. We have some interesting fundamentals this week which I expect to have a negative effect on CAD allowing the EUR to rise further in bullish momentum,
= The New House Price Index which is forecasted to fall which is happening today.
= Consumer Confidence, a leading index that measures the level of consumer confidence in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to an economic downturn. Forecasted not to change so shouldn’t have a major effect on EUR, however, need to be watched closely as any changes will affect the currency.
Trade Set-Up:
EURCAD = BUY NOW
SL: 1.55330 (100 PIPS)
TP1: 1.56957 (40 PIPS)
TP2: 1.57566 (101 PIPS)
TP3: 1.58138 (160 PIPS)
Long Term Target: 1.59678 (335 PIPS)
If you are new to FOREX trading, here is the definition for words you may see mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, Commodities, or Indices.
Market Structure: This is classified as any group of candlesticks placed together with the use of Support, Resistance, and Trendlines. once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where the price tends to reverse after a sell-off (lower price action)
Resistance: Areas in the market where the price tends to stop, pause or reverse after the bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short/Bearish: Taking a position to sell the base currency.
Long/Bullish: Taking a position to sell the base currency.
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.