EURCAD POSSIBLE SHORT

  by    4   0


EURCAD POSSIBLE SHORT? by zohaibayub85 on TradingView.com

The long term trend on this pair is still Bearish,we have pulled back to a very nice resistance level, with price near the 61.8 Fib level from previous swing high to swing low, we are also at the 100SMA and a previous horizontal resistance level now acting as support. We can also see CAD strength across other pairs, EUR is also weak fundamentally. Canadian economic data points: CPI tomorrow for a fresh read on inflation, and then retail sales and the Bank of Canada monetary policy decision, both on Wednesday, October 22nd. Given the recent weak global data, it’s a good chance we may get weak data and a bearish reaction.

Will be watching for suitable price action around 1.4436 to enter short, with a possible stop at 1.4573 and T.P at 1.4004. This gives us a nice Risk/Reward of about 1:3. This trade will be in our watchlist, for the upcoming week.

Sharing is Caring!
  •  
  •  
  •  
  •  
  •  
  •  
  •  

4 thoughts on “EURCAD POSSIBLE SHORT

  1. zohaibayub85 says:

    Price has come back to restest the resistance level,now watching for suitable price action to entershort, maybe a pin bar, engulfing bar, doji, evening star e.t.c also keeping an eye on CAD data coming out on Wednesday.

  2. zohaibayub85 says:

    Trade executed from 1.4453

  3. zohaibayub85 says:

    Half Position Closed at 1.4300 (153 Pips Profit) Stop Loss moved to Break even ahead of CAD data release tomorrow.

  4. zohaibayub85 says:

    CMP 1.4064 CLOSING REMAINING HALF Profit 389 PIPS! :D

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Top
medcezir izle