EURCAD
Mis à jour
From the technical views:
1. From the weekly perspectives, price moving to the upside without any proper retracement and created a double top pattern, we can expect a move to the downside as the deeper retracement.
2. From the daily perspectives, the price created an impulse to the downside followed by a correction, we can expect the next impulse to the downside to complete the ECW pattern.
From the fundamental views:
1. Big players are bullish bias on EUR but bearish bias on CAD
2. In the new report, more long added on EUR and more long closed on CAD. 19k of long positions added on EUR, 12k of the long positions closed on CAD. So strong EUR and weak CAD, EURCAD should be moving to the upside.
3. But they always buy low sell high, we can see a move to the downside on EURCAD is just for the deeper retracement on the weekly perspective, and it is good for us to generate liquidity at the lower price and push the price to the upside.
How to approach EURCAD?
1. The overall market environment already shift to the bearish market and we have previous support turn resistance pattern, therefore we can take a sell limit order:
Sell limit at 1.57500
SL: 1.57933
TP: 1.56200
RR: 1.3.00
2. Make sure you follow risk and money management, always 1% risk on your account.
If you have any questions on it, please comment down below and let me know your questions.
1. From the weekly perspectives, price moving to the upside without any proper retracement and created a double top pattern, we can expect a move to the downside as the deeper retracement.
2. From the daily perspectives, the price created an impulse to the downside followed by a correction, we can expect the next impulse to the downside to complete the ECW pattern.
From the fundamental views:
1. Big players are bullish bias on EUR but bearish bias on CAD
2. In the new report, more long added on EUR and more long closed on CAD. 19k of long positions added on EUR, 12k of the long positions closed on CAD. So strong EUR and weak CAD, EURCAD should be moving to the upside.
3. But they always buy low sell high, we can see a move to the downside on EURCAD is just for the deeper retracement on the weekly perspective, and it is good for us to generate liquidity at the lower price and push the price to the upside.
How to approach EURCAD?
1. The overall market environment already shift to the bearish market and we have previous support turn resistance pattern, therefore we can take a sell limit order:
Sell limit at 1.57500
SL: 1.57933
TP: 1.56200
RR: 1.3.00
2. Make sure you follow risk and money management, always 1% risk on your account.
If you have any questions on it, please comment down below and let me know your questions.
Ordre annulé
Price didn retest
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