Below I want to share with you my ideas for the EUR/CAD currency pair. I have created a short term trading plan based on the movements so far. Currently the pair has reached a strong Weekly and after the nice upswing it did in the past few weeks from the beginning of January, I think we are due for a correction. So far we can see that the price reacted strongly from that area and after going inside of it, it quickly lost some grounds. After a huge candle on the H4 which closed 30 minutes ago, we see the price standing at a small which acts as a . This level is between 1.5450 and 1.5470. A break of this small area would confirm the correction is starting and would give us an opportunity to enter in to the market. As you can see I have also included two H4 Stoppage Areas on our chart which will be our Target 1 and Target 2 areas. Between them we have two Sell Zones. Below you can see the areas expressed by numbers:
- Sell Zone 1: 1.5450 to 1.5250
- Sell Zone 2: 1.5185 to 1.5000
I would expect for our Sell Zone 1 area to be covered by the end of this week, unless economic reports change that. Covering both sell zones is a more long term scenario.
Don’t forget to follow us on Twitter where we post Live Signals based on our plans.
In case the price goes up breaking through the Weekly this plan will become inactive and will be reevaluated.
I will update the plan with links to the possible Live Signals on Twitter and with information like comments, pictures etc.
I wish everyone profitable trading this week! :)
We will continue monitoring for good entry opportunities if the plan remains unchanged. I will update you with Comments and Graphs.