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Eurcadforcast

EURCAD | WEEKLY PERSPECTIVESince the Euro dropped from above 1.53500 level in late June 2020, it finally pushed above this Key level this last week coming from a Double Bottom and bringing prospective opportunities to the table for Buyers in the following week(s). Tendency: Uptrend ( Bullish ) Structure: Double Bottom | Breakout | Trendline Observation: i. Breakout from the neckline of Double Bottom structure is a promising sign that we might be on the Bull ride again. ii. Before getting too excited about the prospect, its worthy to note Key level II which might either be a barrier to form a Channel or a Breakout level in the future. Trading plan: BUY confirmation with a minimum potential profit of 230 pips. Risk/Reward: 1:3 Potential Duration: 1 to 7 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. NirvanaForex Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
SHORT EURCAD | WEEKLY FORECASTTendency: Downtrend ( Bearish ) Structure: Channel | Support & Resistance | Harmonic (AB = CD) Observation: i. Trading Channel occurs as parallel trendlines connect price's Support and Resistance levels within 1.54300 and 1.50500 range. ii. Channel emphasizes the sideways movement in the market. iii . A Breakdown of 1.52200 from 61.8 retracements at point C might confirm temporary Downtrend continuation to complete AB=CD pattern. iii . It is worthy to mention that at this juncture, we might be looking forward to a Harmonic pattern as price rallies from a 618 retracement ; a. Impulse A-to-B expected to be in harmony with the potential B-to-C leg. b. The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg. c. The potential C-to-D leg is expected to fall at 127.2 - 1.6184% Fib. ext. of the A-to-B move. Trading plan: SELL confirmation with a minimum potential profit of 160 pips. Risk/Reward: 1:2 Potential Duration: 1 to 3 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by Nirvana Trades & Investments for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry