EURCAD is clearly moving inside a channel and we will try to profit from the potential move down once the pair reaches the levels we want it to. If it manages to push higher and complete bearish divergence around the top of the channel along with bearish candle pattern we will be selling. Keep in mind there are news from Canada today so it is better to trade afterwords.
Technical Overview:
H1 – bearish channel, potential bearish divergence
Entry:
H1 Aggresive – Wait for price to push higher and complete bearish divergence along with bearish candle pattern which will give us a trigger for a sell
Target 1 – 1.3920
Target 2 – 1.3770
Stop Loss – above last high created
H1 Conservative – Break below the support zone around 1.3960 and we can go for a sell
Target 1 – 1.3820
Target 2 – 1.3700
Stop Loss – above the broken support
Video Explanation
Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of May…
The world’s biggest technology companies drove a rebound in stocks ahead of Apple Inc.’s earnings, with Wall Street also gearing…
Hi Traders! Oil technical analysis and short term forecast post is here. We do our…
Hi Traders! NZDJPY short term forecast follow up and update is here. On February 27th…
Hi Traders! EURNZD technical analysis and short term forecast post is here. We do our…
Hi Traders! GBPCAD short term forecast update and follow up is here. On February 7th,…