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Eurcadidea

EURCAD - Broken Support EURCAD - Sell The Weekly major support level has broken amidst unsettling european events. The level should now turn resistance and has already tested it. Entry: 1.3376 Price has bounced of former support now turned resistance, Stop: 1.34103 Above the support area, if price breaks through to this area, it'll have taken out previous highs and possibly looking at change of trend. TP I have highlighted key profit taking areas, can use a trailing stop and move trade to breakeven when certain amount in profit for risk management.
Short
by dinomalik
EURCAD is bouncing up from the support level!EURCAD is bouncing up from the support level. Looking back at history we see that 1.339 level is a very significant one as buyers defended this zone several times in the past. Yesterday price bottomed at this level once again. We are not sure how strong this level is to hold price from falling, but taking a closer look at the level we see that the pair printed dojis or spinning bottom candles which suggest weaknesses on the sellers side. Strong bullish candles are seen on lower timeframe suggesting that buyers may be kicking in. I would like to see price crossing above the falling trendline to have some conviction to go long on this pair with short term targets at 1.34980 and 1.35648. If you enjoy reading my ideas please be kind to leave a like. Trade smart!
Long
by Forexintelligence_NA
2
If there would be present of bullish signs EURCAD will reverse!Hello everyone, Let's watch out for bullish reversal signs on EURCAD for potential long positions. The pair has declined significantly since 2020. On a higher timeframe, I have noticed that the pair is trading within a falling widening wedge and now it is at the support of this wedge. If there would be any present of bullish reversal signs, there pair might reverse its trend strongly to the upside and the move will last for weeks or even months to the resistance of the wedge. Traders, if you find this idea helpful please support it with likes. If you have any thoughts on this please feel free to share it in the comment section below.
Long
by Forexintelligence_NA