EURCAD approaching support, potential for a bounce!
EURCAD is expected to drop to 1st support at 1.47072 where it could potentially react off and up to 1st resistance at 1.46351.
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Eurcadbuy
SELL EURCAD AT MARKED ENTRY We previously saw EURCAD break out of range bearish until most recent point of support by which it had completed the first potential cycle. Price still has bearish potential from which we may see price move bearish from around 1.48626 and complete the move at 1.42913.
Stoploss is about 220 pips so manage your risk accordingly.
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EURCAD LONG TRADE IDEAThe EURCAD made an impulsive move to the upside and followed by a corrective structure that has retraced 61.8% of the rally.
The prices have rejected a broken resistance that lined up with mean value "moving averages" as support.
Price has the potential to resume higher from the near current level and resistance level @ 1.51700 area is a plausible target!
Eur/Cad Update!The Support Level is hard to see on the daily and even weekly chart, but it does exist! This is a monthly support level!
so.....
1. Daily Chart Came Down To Monthly Support and moved up , and then CAME DOWN again and RETESTED the Montly Support Area!
2. Indicators on hour 4 indicate a buy now!
So the Idea is that we are have entered a buy on the daily chart at a monthly support area and we ENTERED our trade on hour 4 to confirm this buy!
I hope this helps!
EURCAD DThe pair has reached a somehow interesting area. On the one hand it broke a long term trendline on the 3rd of July but now seems to have found support at the 1.468 area. I believe the pair can rally to retest the resistance at the 1.4915 area. Reasons for believing this are :
1) Support area at 1.468 has been respected
2) We saw the formation of a pinbar breaching the support area but closing the day just over it or on it.
3) RSI is in overbought area
4) MACD seems to confirm the reversal by gaining some strength
Please comment if you have a different view.
Trade safe!!