EURCAD - Potential long setup based on support and resistance.

25 thg 4, 2014

All roads seem to be pointing to buy limit orders @ 1.4990 - 1.960. Price will likely head towards 1.5300 and turn back for the trend line and consolidate there for a bit and continue its long term rally. 1.4990 region is also a past lvl of support + 50% retracement + trendline, can anybody say confluence?

There is also an intraday short setup here as well. Price is approaching a 50% retracement in the swing high @Mar-19 and swing low @Apr-07. Bears will probably ride the reversal to the trendline for 300pips but given the overall trend bias I'll remain a bull on this pair.

Whatever happens I'm buyin' at the trendline!