Eur_cad
EUR/CAD – Bears in full control The EUR/CAD currency pair on the 4-hour time frame has been following a downtrend recently. The price dipped below the key support level of 1.49200 on 2 April registering the lowest level in 1 month. Price action in the EUR/CAD is mainly driven by the weakness in Euro. Negative MACD and RSI below 50 supports bearish sentiment in the currency pair.
The 4-hour chart of the EUR/CAD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/CAD. RSI (Relative Strength Index) showing values below 50 which supports the negative sentiment in the market.
In alternative scenario, first resistance level lies at the psychological level of 1.50000. Bulls must break this level in order to regain bullish sentiment.
EUR/CAD SHORTThe EUR/CAD currency pair is currently moving in an ascending channel. The price is nearing the upper channel resistance and we can expect sellers to come in and drive the price further down towards the channel support trendline. Be yea careful as there is too much noise caused by the Brexit issue along with Theresa May's cunning tactics. I would expect to enter short when the RSI shows exceedingly overbought conditions, but as always, price action is more important than anything else.
EUR/CAD long and short?this is why u will never get same position-answer from pro or amateur traders...
somebody see this as assending channel
somebody see this as break of minor patter-assending channel(revers pattern)
whitin major pattern and ressistance(channel with little desending)
so here u have nice buy option and nice sell option....
point of this is to never listen to other trader....!!!!
Short oportunityAs we can se the price is testing resistance in 1,54 area.
We have strong confluence up there whitch is 2 times testing resistance and 2 times support,
there is also trending line which was respected since September 2017, we had a break in May now price i retesting this line,
There is also 0,382 fibonaci retracement.
I decide to go in that trade now.
Risk/Reward = 1/2
Entry: 1,535
SL: 1,556
TP: 1,4905