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Eurcadh1

EURCAD Bulls Tire Following Weekly Bearish Engulfing PatternOn Tuesday I mentioned that the EURCAD was likely to remain soft below the 1.4380 handle. This level is the 2011 high and has been a significant influence ever since. It’s also the 50% retracement of last week’s bearish engulfing pattern. With this in mind, I was intent on waiting for a sell signal from the 1.4380 area. And given the relief rally so far this week, a retest of the level seemed plausible. However, a recent development on the intraday charts suggests otherwise. You may recall my reference to an intraday ascending channel in Tuesday’s post. I mentioned this second entry method would kick in should buyers fail to reach 1.4380 over the coming sessions. While there is no guarantee that buyers won’t take prices higher from here, the support level of the channel I mentioned has failed. It’s best viewed on the 1-hour chart below but those who only trade the 4-hour time frame and higher could play it that way all the same. Should sellers regain control, the next key support level comes in at Monday’s low of 1.4170. A close below that would expose the 1.4030/40 area followed by the 2016 and (current) 2017 lows near 1.3820. Keep in mind that the next 24 hours holds key events for both currencies. At 8:30 am EST we have Canada employment figures as well as U.S. non-farm payroll and the latest unemployment rate. The combination of these releases will no doubt trigger a spike in volatility for a pair like the EURCAD.
Short
by Daily-Price-Action
BREAKOUT IN EURCAD - 1H CHARTHey Traders, Hope you had a great weekend. We have an opportunity to sell soon in EURCAD. As soon as we get the breakout look for any flag to sell for a pontential bearish impulse. Keep an eye on it. - Hey Traders, Espero que hayáis tenido un buen fin de semana. Pronto tenemos una gran oportunidad de venta en EURCAD. Así como se produzca la ruptura de la tendencia buscad cualquier bandera de venta para entrar en un impulso bajista potencial. Id echándole un ojo.
Short
by ccerezo11
5
Another 2618 in daily structure levelHey guys, this is another chance to get involved in a shorting opportunity given by a 2618. Here we have a double top at a previous daily resistance level (black line) and near to a psychological number (1,49000); by breaking the double top in a downward direction price is giving us reason to believe that the trend is now reversing. The pullback is beyond the .618 retracement and we also put an engulfing candle. That's enough for my rules. I will enter the market and double my position, one at the retest of structure and one in extension. Let's see what happens. If you want to ask me something, don't hesitate to comment.
Short
by Roker1