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EUR/CAD poised for a strong move south

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12:10 28th April 2021

EUR/CAD looks poised for a move lower.


EUR/CAD poised for a strong move south

EUR/CAD has moved steadily south following BULLISH CAD news last Wednesday out of the B.O.C. Price action was choppy for three days after this news but now we seem to have an impasse with the BEARS failing to push the price lower but equally, the BULLS has failed to push the price higher.

WS1 support has held the BEARS back so far but the signs are that they are taking control with each move by the BULLS being met and price pushed back to WS1 Pivot support.

On the H4 time frame the price is held under the 200 EMA and this level looks too strong for the BULLS to push the price higher and I expect the BEARS to take control of this market.

A break of 1.4963 and a hold below it will signify its time for a SHORT trade.

With WS1 as a natural STOP level we can get a nice trade on here with a 20 pip risk.

Target could be next support level at 1.4743 so a trade with a 200+ pip potential.

Edited 28 Apr 2021, 19:26

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Hot

good
nice
ralfkdean
Author
+60 pips so far
Your analysis is right
ralfkdean
Author
@Macpherson:Its working out so far
Is it possible to go short in the area from 1.4963 to 1.4743
ralfkdean
Author
@Pritt:Rising trendline support (weekly time frame) would be ultimate target at 1.4560 area.

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