Eurcadshort
EURCAD is facing bearish pressure, potential for further drop!Price is facing bearish pressure from our first resistance in line with our horizontal swing high resistance, 61.8% Fibonacci retracement and 100% Fibonacci extension where price could drop from this level towards our first support, which is in line with our horizontal pullback support and 61.8% Fibonacci retracement. It is worth noting that RSI is testing the descending resistance level.
EURCAD - Bearish Bias EUR - BEARISH
1️⃣ As rising coronavirus infections remain in the spotlight and enthusiasm over a working vaccine fades.
2️⃣ In Germany, the federal government and regional leaders will meet again in a week to discuss the need for further restrictions.
CAD - BULLISH
1️⃣ The CAD was also supported by a rally in oil prices.
2️⃣ Canada CPI for October is set to surge as IVEY PMI reported an increase in price component.
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Technical
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We are selling the EURCAD below the resistance on the H1 chart.
EURCAD - SWING - 16. NOVE. 2020Welcome to our weekly trade setup ( EURCAD )!
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1 HOUR
Very bearish price action and pressure.
4 HOUR
Closure below main sr level!
DAILY
Expecting prices to push lower now..
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FOREX SWING
SELL EURCAD
ENTRY LEVEL @ 1.54750
SL @ 1.55620
TP @ 1.53430
Max Risk. 0.5% - 1%!
(Remember to add a few pips to all levels - different Brokers!)
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Have a great week everyone!
ALAN
EURCAD- W SHAPE ENDINGAs commonly known to most, the letter "W" is seen often. Whether this be in reading, or in forex, it's very easy to catch. As we see here on the 4h timeframe, EURCAD has just formed an over-extended W formation; meaning that it went down, then up, then down, then up again.
Often, after this pattern is formed, the currency moves to the downside. I have strong feeling that EURCAD is done moving for now and will make a move downwards also due to my other strategies (which I will not explain much upon) . Use your own due dill if you decide to enter a position. Please remember I am not a financial advisor and this is just my opinion.
EURCAD short trade ideaPlan: support level breakout --> wait for the price to bounce off from resistance level --> wait for the rejection candle pattern to form e.g. bearish engulfing, pinbar, etc --> SELL
**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together.
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Thank you for your support ;)
GWBFX
EURCAD - Bearish BiasEUR - BEARISH
1️⃣ EUR declined amid the demand in USD.
2️⃣ German investor morale fell more than expected in November.
3️⃣ Investors remain concerned about rising COVID-19 cases and new lockdowns across Europe.
CAD - BULLISH
1️⃣ The CAD benefitted from the rising in oil prices amid coronavirus vaccine hopes.
2️⃣ Risk-On tone support the CAD.
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Technical
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We are selling the EURCAD at resistance zone + below SMA 50 in H1.