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EURCAD trade ideas

EUR/CAD: Key Levels and Trading Strategies for Upcoming Moves📅 Let's get into today's analysis. I've decided to focus more on Forex analyses, and today we're analyzing the EUR/CAD pair with the main timeframe being weekly. I'll be looking at the chart solely from a technical analysis perspective. 🔍 In the weekly timeframe, as you can see, after the market found support at the 1.2953 level, bullish momentum entered and we managed to move up to the 1.4945 resistance level. After this sharp upward movement, the market entered a correction phase and corrected down to the 1.4141 level. Currently, the price is ranging between the 0.382 Fibonacci level and the 1.4945 resistance. I believe that until the price either breaks above 1.4945 or below 1.4141, the market will continue to range within this box. 🧩 There is also a minor ascending trend line that the price has reacted to multiple times, which could be a key determinant for future price movements. The price is currently trading above this trend line, indicating potential continued bullish momentum if it holds. 🧲 Regarding the 0.382 Fibonacci level at 1.4330, it has acted as a strong support in the past and could continue to do so. If the price breaks below this level, it might move down to the 0.5 Fibonacci level at 1.4141. 📈 For a long position on the weekly timeframe, it seems appropriate to wait for a break above the 1.4945 resistance area. The target for this move, based on the overall range, could be 1.5798. However, this target is quite high, and if the price aims to reach it, it will likely be a long-term move. 📉 For a short position, breaking below 1.4141 serves as a good trigger. If the price stabilizes below this level, it might move down to the area around 1.4327 and potentially lower if the bearish momentum is strong. For shorter-term positions, it's better to look at the 4-hour timeframe. In this timeframe, we have a long-term range box and a significant support area around the 0.382 Fibonacci level on the weekly chart. There’s no need to extend the analysis here; I’ll just discuss the entry triggers. 📈 For long positions, we have three different triggers. The first trigger is a break above 1.4763, which is the riskiest one with a target of 1.4945. The next trigger is a break above 1.4945 with a target of 1.5798. The final trigger is at 1.5798, with potential higher targets if the bullish momentum is strong. 📉 For short positions, the first trigger is a break below 1.4591, and the second trigger is the break of the support area at 1.4327. ♟ Now, let me explain how I personally trade with each trigger. For the long trigger at 1.4763, I open positions in lower timeframes such as the 1-hour chart and set a small stop loss to quickly reach a risk-reward ratio of 2, which is my first target, with minimal risk. For the 1.4945 trigger, I open a position with normal risk and a regular stop loss size. For the 1.5798 trigger, I open a position with a larger stop loss because the trigger is at a significant resistance level and represents a very strong supply zone. For short positions, I do not open any until the price stabilizes below the support area. 📝 In summary, EUR/CAD is currently in a ranging phase between the 0.382 Fibonacci level and the 1.4945 resistance level. Depending on the break above 1.4945 or below 1.4141, there are opportunities for long or short positions, respectively. For those trading in shorter timeframes, key entry triggers and careful risk management are essential to navigate the market effectively. 🧠💼 Always remember the inherent risks in Forex trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2. 🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a pair you'd like me to analyze next.
by itsparham96
1
EURCAD Will Go Lower! Short! Here is our detailed technical review for EURCAD. Time Frame: 1h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The market is testing a major horizontal structure 1.472. Taking into consideration the structure & trend analysis, I believe that the market will reach 1.470 level soon. P.S Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback. Like and subscribe and comment my ideas if you enjoy them!
Short
by SignalProvider
1
EURCAD Trend AnalysisIt sounds like you're analyzing a currency pair or another financial instrument where the price has been testing a key support level around 1.4600 multiple times. Here's a breakdown of your analysis: Key Support Level (1.4600):The price has repeatedly tested this level but hasn't managed to break below it decisively. This suggests that buyers are stepping in whenever the price approaches this area, indicating possible strong buying interest or support at this level. Market Dynamics: Each time the price approaches 1.4600, selling pressure builds up, but buyers have been able to absorb this pressure, preventing a significant breakdown below the support level. Technical Breakout: You mentioned that the descending channel has been broken. A breakout from a descending channel is often seen as a bullish signal, indicating a potential shift in momentum from bearish to bullish. Trading Opportunity: According to your analysis, if the price retraces back to around 1.4683 after breaking the descending channel and undergoes a correction, you are considering a long trade. This strategy aligns with the idea of buying after a breakout and subsequent pullback to a key support-turned-resistance level (1.4683 in this case). Trading Plan: Entry: Look for a long entry if the price retraces to around 1.4683. Stop-Loss: Set a stop-loss below the recent swing low or below 1.4600, depending on your risk tolerance and the structure of the price action. Target: Set a target based on your risk-reward ratio. This could be based on the next resistance level or a Fibonacci extension level, considering the potential upward movement after the breakout. Considerations: Confirmation: Wait for confirmation that the price is indeed retracing to 1.4683 and showing signs of a correction before entering the trade. Risk Management: Always manage your risk by using appropriate position sizing and placing stop-loss orders to protect your capital. Market Conditions: Stay updated with market news and events that could affect the currency pair or instrument you are trading. By following your trading plan and considering these factors, you can potentially capitalize on the breakout and subsequent correction in the price action of the financial instrument you're monitoring.
Long
by vijaysankar
EURCAD BUYThe market is currently testing the current structure which is forming a divergence on the DAILY TF. Based on price action, the market is forming a reversal chart pattern on the 4HR TF. We could see BUYERS coming in strong should the current level hold. Disclaimer: Please be advised that the information presented on TradingView is solely intended for educational and informational purposes only.The analysis provided is based on my own view of the market. Please be reminded that you are solely responsible for the trading decisions on your account. High-Risk Warning Trading in foreign exchange on margin entails high risk and is not suitable for all investors. Past performance does not guarantee future results. In this case, the high degree of leverage can act both against you and in your favor.
Long
by WiLLProsperForex
1