EURCAD: A Potential Buy Opportunity From the Bottom
-INTRODUCTION-
Last week, EURCAD has retraced to the previous resistance area at 1.3760 level after reaching a new low at 1.3400 level. As we forecasted in our previous EURCAD analysis, the price fell from 1.3760 resistance level and retested the yearly low of 1.3400.
After retesting the yearly low, the price formed a double bottom pattern, followed by a strong bullish impulse sending the price above the next resistance level of 1.3470, making a new short-term higher high. Therefore, we will look to enter buy positions after a pullback.
-TRADING PLAN-
The price is currently testing the 1.3540 resistance level. In one-hour chart, we can see the price slowly retracing lower after strong bullish candles. This price movement follows the bullish continuation characteristics. Therefore, we expect the price to retrace and retest the support level of 1.3470. From there, we will look for a consolidation/reversal pattern and then prepare our buy entries.
Check out our previous EURCAD trading idea below :)
Last week, EURCAD has retraced to the previous resistance area at 1.3760 level after reaching a new low at 1.3400 level. As we forecasted in our previous EURCAD analysis, the price fell from 1.3760 resistance level and retested the yearly low of 1.3400.
After retesting the yearly low, the price formed a double bottom pattern, followed by a strong bullish impulse sending the price above the next resistance level of 1.3470, making a new short-term higher high. Therefore, we will look to enter buy positions after a pullback.
-TRADING PLAN-
The price is currently testing the 1.3540 resistance level. In one-hour chart, we can see the price slowly retracing lower after strong bullish candles. This price movement follows the bullish continuation characteristics. Therefore, we expect the price to retrace and retest the support level of 1.3470. From there, we will look for a consolidation/reversal pattern and then prepare our buy entries.
Check out our previous EURCAD trading idea below :)
Ordre annulé:
Price did not break above the bullish flag but instead broke down the support level. Long entries are cancelled.
