THIS IS A TRADE IDEA BASED ON MY TECHNICAL ANALYSIS AS I AM A BEAR ON THE EURO.

EURCAD DAILY

MARKET IS SIDEWAYS (RANGING). PRICE IS HEADING DOWN AFTER BOUNCING AT 1.44000 RESISTANCE WHICH WAS PREVIOUS SUPPORT. STOCHASTICS FACING SOUTH, I EXPECT THE 5&8 MOVING AVERAGES TO CONVERGE SOON. MS1 SUPPORT IS BOTTOM OF THE RANGE AND THE BEAR TARGET FOR A RANGE STRATEGY.

EURCAD H4

MARKET IS BULLISH. PRICE INDICATES THE END OF THE BULLISH MOVE AS PRICE FAILED TO MAKE A HIGHER HIGH & HIGHER LOW & IS CURRENTLY SIDEWAYS. RESISTANCE IDENTIFIED BY THE ORANGE BARS & SUPPORT BY THE GREEN BARS. STOCHASTICS HEADING UP. EVENTUALLY PRICE WILL BREAK TO THE DOWNSIDE, SO I AM LOOKING FOR A BREAK OF SUPPORT AND A RETEST AT 1.43000 OR WM2 WHICH COINCIDES WITH MM4.

EURCAD H1

MARKET IS SIDEWAYS. PRICE CONSOLIDATING BETWEEN DM2 & DPP. RESISTANCE AT DPP WHICH COINCIDES WITH WPP. SUPPORT IS DM2 & STOCHASTICS IS HEADING UP. I WILL ALSO WAIT FOR A BREAK OF SUPPORT TO THE DOWNSIDE AND A PULL BACK BEFORE LOOKING TO SHORT.

2 thoughts on “EURCAD SHORT SETUP TECHNICAL ANALYSIS, 15 MARCH 2017”

  1. Teboho Faro says:

    Great analysis MAN

    1. Pedro says:

      Thanks Teboho, I appreciate your feedback

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