OUTLOOK: EUR/CAD has been ranging for the past 2 weeks and has seen it range between 1.46200 area (low) and 1.54200 area (high). With a now prominent text-book bullish pin bar evident on the daily chart (highlighted blue box), EUR/CAD looks ready to move higher back to the 1.54200 - a key weekly Fibonacci 0% level @ 1.54339.
Note: Should prices close above the first target of 1.50300, expect target 2 insight.
CONCLUSION: BULLISH BIAS
BULL INDICATORS:
1. Daily candle closed above Weekly 23.6% Fibonacci Levels located @ 1.48399 2. Weekly Trend line (support) is still intact and yet to be broken 3. Bullish pin bar - found near key weekly trend line and Fibonacci support levels
BEAR INDICATORS
1. Weekly chart shows a long tailed bearish pin bar, which could signal a reversal once price move to key daily & weekly resistance levels.
TARGETS
Target 1: 1.50300 Target 2: 1.54339
STOPS Ideally place - @ 1.46591 (tip of bull pin bar) Conservatively place - @ 1.46228 (below double bottom pattern)
评论
FunguyTrader
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I've been long on EURCAD and EURAUD for about a week now...been ranging but above my stop, so I'm ready for the pop already!
emadudin
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thanks for the information is great could you please tell me is EUR/CAD is going up?
UnknownUnicorn207683
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Hey emadudin, the direction is long (buy) - before clicking on the chart it will have the word "Long" highlighted by a green box, or red box if it mentions "Short". Hope that helps
emadudin
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K thanks for your reply
tsl
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Nice chart and well described .. well done !
UnknownUnicorn207683
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Thanks means a lot to hear you like the description.
Technician
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I like the clean chart. Thanks
UnknownUnicorn207683
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Thanks Technician.
Technician
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The idea is cleanly described on chart and on text. This is a text-book ideal example of a "Suggested Chart" .
UnknownUnicorn207683
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Thanks! It's taken a while, but finally nailed the structure and format. Appreciate the feedback Technician. :)