Eurcad!
EURCAD Testing the 1D MA50. Sell opportunity.The EURCAD pair eventually formed the new Lower High on the 17-month Channel Down as presented on our last analysis (May 27, see chart below) and got rejected:
The rejection extended to as low as the 1D MA200 (orange trend-line) and a short-term rebound has brought the price back to a 1D MA50 (blue trend-line) rejection.
Both previous Bearish Legs declined at least by -3.85%. We expect this 1D MA50 rejection to lead the price to at least Support 1, with our Target being 1.45000 (just above it).
On a side-note, check the high degree of symmetry between the 1D RSI sequences of the Channel's Legs.
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EUR/CAD BULLS ARE GAINING STRENGTH|LONG
Hello,Friends!
We are going long on the EUR/CAD with the target of 1.486 level, because the pair is oversold and will soon hit the support line below. We deduced the oversold condition from the price being near to the lower BB band.However, we should use low risk here because the 1W TF is red and gives us a counter-signal.
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EUR/CAD: Key Levels and Trading Strategies for Upcoming Moves📅 Let's get into today's analysis. I've decided to focus more on Forex analyses, and today we're analyzing the EUR/CAD pair with the main timeframe being weekly. I'll be looking at the chart solely from a technical analysis perspective.
🔍 In the weekly timeframe, as you can see, after the market found support at the 1.2953 level, bullish momentum entered and we managed to move up to the 1.4945 resistance level. After this sharp upward movement, the market entered a correction phase and corrected down to the 1.4141 level. Currently, the price is ranging between the 0.382 Fibonacci level and the 1.4945 resistance. I believe that until the price either breaks above 1.4945 or below 1.4141, the market will continue to range within this box.
🧩 There is also a minor ascending trend line that the price has reacted to multiple times, which could be a key determinant for future price movements. The price is currently trading above this trend line, indicating potential continued bullish momentum if it holds.
🧲 Regarding the 0.382 Fibonacci level at 1.4330, it has acted as a strong support in the past and could continue to do so. If the price breaks below this level, it might move down to the 0.5 Fibonacci level at 1.4141.
📈 For a long position on the weekly timeframe, it seems appropriate to wait for a break above the 1.4945 resistance area. The target for this move, based on the overall range, could be 1.5798. However, this target is quite high, and if the price aims to reach it, it will likely be a long-term move.
📉 For a short position, breaking below 1.4141 serves as a good trigger. If the price stabilizes below this level, it might move down to the area around 1.4327 and potentially lower if the bearish momentum is strong.
For shorter-term positions, it's better to look at the 4-hour timeframe. In this timeframe, we have a long-term range box and a significant support area around the 0.382 Fibonacci level on the weekly chart. There’s no need to extend the analysis here; I’ll just discuss the entry triggers.
📈 For long positions, we have three different triggers. The first trigger is a break above 1.4763, which is the riskiest one with a target of 1.4945. The next trigger is a break above 1.4945 with a target of 1.5798. The final trigger is at 1.5798, with potential higher targets if the bullish momentum is strong.
📉 For short positions, the first trigger is a break below 1.4591, and the second trigger is the break of the support area at 1.4327.
♟ Now, let me explain how I personally trade with each trigger. For the long trigger at 1.4763, I open positions in lower timeframes such as the 1-hour chart and set a small stop loss to quickly reach a risk-reward ratio of 2, which is my first target, with minimal risk. For the 1.4945 trigger, I open a position with normal risk and a regular stop loss size. For the 1.5798 trigger, I open a position with a larger stop loss because the trigger is at a significant resistance level and represents a very strong supply zone. For short positions, I do not open any until the price stabilizes below the support area.
📝 In summary, EUR/CAD is currently in a ranging phase between the 0.382 Fibonacci level and the 1.4945 resistance level. Depending on the break above 1.4945 or below 1.4141, there are opportunities for long or short positions, respectively. For those trading in shorter timeframes, key entry triggers and careful risk management are essential to navigate the market effectively.
🧠💼 Always remember the inherent risks in Forex trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2.
🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a pair you'd like me to analyze next.
EURCAD Will Go Lower! Short!
Here is our detailed technical review for EURCAD.
Time Frame: 1h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is testing a major horizontal structure 1.472.
Taking into consideration the structure & trend analysis, I believe that the market will reach 1.470 level soon.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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EUR/CAD BUYFrom a technical analysis perspective, the 1.48 resistance level is critical, and the euro is currently testing this level. If it manages to break through, the next target could be the 1.49 level (Traders Union). However, if the pair fails to hold above this level, it may fall back into the 1.46-1.45 range (DailyForex).
Fundamentally, the market is influenced by economic news from Europe and Canada, as well as oil price movements. Potential rate cuts by the European Central Bank (ECB) and fluctuations in oil prices are significant factors. For example, a drop in oil prices can weaken the Canadian dollar, given Canada's role as a major oil exporter (FX Empire) (Traders Union).
Overall, the EUR/CAD currency pair might remain in a consolidation phase in the short term, with traders closely monitoring key technical levels and fundamental news to determine the next moves. Market sentiment is mixed, and volatility is expected to continue in the near future.
EUR/CAD Breaks Ascending Channel: Bearish Shift AheadThe EUR/CAD pair has just broken below its ascending channel, signaling a potential shift from bullish to bearish conditions. This analysis delves into the ramifications of this critical trendline breach, pinpointing the key support level at 1.4460.
EURCAD: A safe 400+ pips selling opportunity! Use Accurate RR! Dear Traders,
Eurcad, long term view remain bearish price rejected at the daily order block also where the premium price zone was located. We can see strong bearish move coming once price reach and reject at our area of entry. Please use accurate risk management.
Team Setupsfx_
EURCAD - 4hrs ( Sell Trade Target Range 180 PIP ) ☑Pair Name : EUR/CAD
Time Frame : 4hrs Chart / Close
Scale Type : Large Scale
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spreading knowledge among us and to clarify the most important points of entry, exit and entry with more than 5 reasons
We seek to spread understanding rather than make money
Key Technical / Direction ( Short )
Type : Mid Term Swing
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☑Bearish Break
1.46800
reasons
- Major Turnn level / D
- pattern Break
- Fixed Range Break
- Visible Range Lvn
- Channel Break
- Fibo Golden Zone
- Choch Zone
☑Bullish Reversal
1.44500 Area
Reasons
- Major Turn level / M
- Pattern Target
- daily Choch
- Trend Line Area
- quarter's low Area
- Fibo Golden
- Visible Range Lvn
MarketBreakdown | Dollar Index, Silver, EURCAD, WTI Oil
Here are the updates & outlook for multiple instruments in my watch list.
1️⃣ Dollar Index #DXY daily time frame 💵
Dollar Index nicely respected a key daily horizontal resistance.
We see a nice bearish reaction to that today.
Because of the absence of important fundamentals,
I think that DXY may keep staying under a bearish pressure.
2️⃣ Silver #XAGUSD daily time frame 🪙
The price action on Silver contracts.
The market is currently stuck between 2 trend lines,
forming a classic symmetrical triangle formation.
Before the release of the news, the market will most likely
stay within the triangle, respecting its upper and lower boundary.
US fundamentals this week can be a catalyst for a breakout.
The side of the breakout will indicate you the future direction of the market.
3️⃣ #EURCAD daily time frame 🇪🇺🇨🇦
The market is approaching a significant confluence zone based
on a recently broken horizontal support and a trend line.
The broken structures compose a supply zone from where we may
see a bearish movement.
Patiently analyze the reaction of the price to that on lower time frames
and look for a confirmation to sell.
4️⃣ #WTI CRUDE OIL 🛢️
The market is currently stuck between 2 horizontal structures
within a narrow range.
I will wait for a breakout of one of the structures to confirm
where the market will go next.
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EURCAD looks to follow the path of EURUSD IdeaIdea No : 08
this idea is perfectly placed given our EURUSD idea is in profit by now
same thing, same kind of gesture and pattern as is EURUSD doing now
facing trendline support and possibly forming a falling wedge pattern on H4
expect the pair to move towards our green arrow soon
EURCAD - Look for a short !!Hello traders!
‼️ This is my perspective on EURCAD.
Technical analysis: Here we are in a bearish market structure from 4H timeframe perspective, so I look for short position. My point of interest is if price makes a retracement and fills the imbalance higher, then rejects from bearish order block + trendline.
Fundamental news: Next week on Tuesday (GMT+3) we will see results of CPI in Canada, news with high impact on currency.
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EUR/CAD BULLS ARE STRONG HERE|LONG
Hello,Friends!
We are targeting the 1.472 level area with our long trade on EUR/CAD which is based on the fact that the pair is oversold on the BB band scale and is also approaching a support line below thus going us a good entry option.
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