FOREX Chart Of The Day: EURCAD Trend Trade
Are you a #trend trader?
Then you don’t want to miss out on this opportunity.
#EURCAD is in a retracement phase and could be close to continuing its current trend.
But how can you #trade the #forex pair?
Watch the video to learn more…
Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, Head Currency Analyst.
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In this video, we will take a look at EUR/CAD as there was a possible trend trading opportunity forming.
EUR/CAD is in a nice downtrend for a while now. We can see that the market is making nice lower lows and lower highs. The prices recently pulled back into a previous structure point, through here, rejected that little bit of a false breakout to the upside in here, rallied to the downside, then made a new lower low.
I’m looking for a trend continuation. We have a substantial level, around 1.5236, and the level that I like for a short opportunity is around 1.5373.
The market found some support here and here, there’s also quite a large volume area at this point. I quite like the idea of getting short around this level back down into 1.5236.
To add some confluence to that as well, If you grab your Fib tool and go from the swing low up to the swing high, we have the 50% Fib retracement of the move. I’m looking for lots of confluences around this area for further shorting opportunities.
The way I’d get involved with this is if I go to a lower timeframe, I will look for the market to break to the upside, retest this structure, and then if we get some double top patterns here, or the market going into an overbought condition for some further downside, nice rejection of potentially 200 moving average – if we get something like that, I’ll happily short back down.
The first targets would be the original lows. The second targets would be that further support level, down at 1.5236.
Thanks for watching this video update, and I’ll speak to you tomorrow.
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