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Eurcadsignals

ERUCAD | Perspective for the new weekBagged 320pips in our direction before the rally began in my last speculation on this pair (see link below). Despite an overall Bullish perspective for the Euro, most of the new year has seen price hustling below CA$1.55400, a feat showing less confidence in the Euro. The unattractive net change in unemployment rate released last week mirrors a negative implication for consumer spending which has an adverse effect on economic growth making the Canadian Dollar less attractive too. This explains the indecisive pattern represented on the chart (parallel channel) but following the positive figures coming out of economic release last week for the Euro, a promising future for the Euro over CAD in the coming if the price does not break below CA$1.52500 (completing a Double Bottom structure) appears to be feasible. Tendency: Uptrend ( Bullish ) Structure: Reversal pattern (Double Bottom) | Supply & Demand Observation: i. Characterized by an indecisive pattern since mid last year, the price has been caught within a range with no clear sign of a rally or decline. ii. This been said, it appears we still can make a trading decision based on certain setup seen on the chart. iii. A possible formation of a Double Bottom is unfolding if price did not break below demand zone @ CA$1.52500 in the coming week(s). iv. It is advisable to be very conservative at this juncture for a long position can only be really confirmed if price breaks above the Neckline @ CA$1.55400 (outright buy or buy from correction). v. It is worthy to note here that, any significant Breakdown of demand zone @ CA$1.52500 shall consider this bias invalid... Trade consciously! vi. A significant Breakdown of demand zone @ CA$1.52500 might see price head for CA$1.49000 area before the rally begins. Trading plan: BUY confirmation with a minimum potential profit of 300 pips. Risk/Reward : 1:3 Potential Duration: 5 to 10 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
4
EURCAD | Perspective for the new weekWe experienced 230pips run in our direction on my last publication (see link below for reference purposes) on this pair with another trading opportunity building up again! It is very interesting to observe that the market has continuously made its decision around the CA$1.55700 level since July 2020 which tells me that we can be confident to find a quick trading opportunity on this one! Tendency: Downtrend ( Bearish ) Structure: Breakdown | Supply & Demand | Trendline Observation: i. Since on the 22nd of Dec 2020, the price has found Lower lows respecting the Bearish trendline that led to the recent Breakdown of CA$1.55700 followed by a sharp rejection of this level last week. ii. Considering the significance of our key level; The leg that broke down CA$1.55700 might experience correction back into this level for a decline continuation in the coming week. iii. In this regard, I shall be looking for a significant level around the Key level/Trendline to find a safe haven for a selling opportunity this week. iv. Lest I forget, I am looking forward to seeing buyers do quick activities around CA$1.5470 level after which selling opportunity will surface... Be patient :) Trading plan: SELL confirmation with a minimum potential profit of 220 pips. Risk/Reward : 1:4 Potential Duration: 2 to 5 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
EURCAD | perspective for the new weekSince a successful Breakout on the 12th of Nov. 2020, Price found Demand zone @ CAD1.54800 eight good times before finally finding the momentum to Break out off Bearish trendline @ CAD1.55100 towards the end of the trading session on Friday to make a Bullish statement. Tendency: Uptrend (Bullish ) Structure: Trendline | Supply & Demand Observation: i. Price continues to respect Bullish Trendline on the Weekly chart to emphasize the prevailing direction of price. ii. Price rejects CAD1.54800 level eight times since on the 16th of Nov. 2020 to finally Breakout off Key level @ CAD1.55200 which also coincides with Breakout off the Bearish trendline. iii. Key Level shall remain a yardstick for buying option for me in the coming week. Trading plan: BUY confirmation with a minimum potential profit of 120 pips. Risk/Reward: 1:5 Potential Duration: 1 to 3 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
EURCAD | WEEKLY PERSPECTIVESince the Euro dropped from above 1.53500 level in late June 2020, it finally pushed above this Key level this last week coming from a Double Bottom and bringing prospective opportunities to the table for Buyers in the following week(s). Tendency: Uptrend ( Bullish ) Structure: Double Bottom | Breakout | Trendline Observation: i. Breakout from the neckline of Double Bottom structure is a promising sign that we might be on the Bull ride again. ii. Before getting too excited about the prospect, its worthy to note Key level II which might either be a barrier to form a Channel or a Breakout level in the future. Trading plan: BUY confirmation with a minimum potential profit of 230 pips. Risk/Reward: 1:3 Potential Duration: 1 to 7 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. NirvanaForex Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
SHORT EURCAD | WEEKLY FORECASTTendency: Downtrend ( Bearish ) Structure: Channel | Support & Resistance | Harmonic (AB = CD) Observation: i. Trading Channel occurs as parallel trendlines connect price's Support and Resistance levels within 1.54300 and 1.50500 range. ii. Channel emphasizes the sideways movement in the market. iii . A Breakdown of 1.52200 from 61.8 retracements at point C might confirm temporary Downtrend continuation to complete AB=CD pattern. iii . It is worthy to mention that at this juncture, we might be looking forward to a Harmonic pattern as price rallies from a 618 retracement ; a. Impulse A-to-B expected to be in harmony with the potential B-to-C leg. b. The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg. c. The potential C-to-D leg is expected to fall at 127.2 - 1.6184% Fib. ext. of the A-to-B move. Trading plan: SELL confirmation with a minimum potential profit of 160 pips. Risk/Reward: 1:2 Potential Duration: 1 to 3 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by Nirvana Trades & Investments for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry