Hi Traders! EURCAD forecast update and follow up is here. On January 27th I shared this “EURCAD Short Term Buy Idea From Key Support Zone” post in trading view. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea:
EURCAD H1(1 Hour) Chart Current Scenario
Based on the above-mentioned analysis my short-term view was bullish here and I was expecting the price to move higher further until the key support zone holds. The price action followed my analysis and moved higher further exactly as I expected and has delivered 170+ pips move so far.
On the H1 chart, the market provided us with various facts supporting the bullish view. The price moved lower reached the key support zone, respected it, and bounced higher from this zone. We also had a false break with a bullish divergence that had formed between the first low that has formed at 1.54299 and the second low that has formed at 1.54173 based on the MACD indicator. Then the price moved higher and broke above the most recent downtrend line, we may consider these as facts provided by the market supporting the bullish view. Also, the price moved higher further, broke above the top of the range, and then it moved higher further providing a fantastic move to the upside.
(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)
You can see this clearly in the image below.
As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted us and took the right action according to that.
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To your success,
Vladimir Ribakov
Certified Financial Technician
