EURCAD BUY OPPORTUNITY AWAITING ALERT

#EUR/CAD#

Hello everyone,

We have set up a potential buy trade on this pair. We have some interesting fundamentals this week which I expect to have a negative effect on CAD allowing the EUR to rise further in bullish momentum,

= The New House Price Index which is forecasted to fall which is happening today.
= Consumer Confidence, a leading index that measures the level of consumer confidence in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to an economic downturn. Forecasted not to change so shouldn’t have a major effect on EUR, however, need to be watched closely as any changes will affect the currency.

Trade Set-Up:

EURCAD = BUY NOW
SL: 1.55330 (100 PIPS)
TP1: 1.56957 ( 40 PIPS)
TP2: 1.57566 (101 PIPS)
TP3: 1.58138 (160 PIPS)

Long Term Target: 1.59678 (335 PIPS)


If you are new to FOREX trading, here is the definition for words you may see mentioned above.

Price Action: Change in the price value of a traded instrument whether Forex, Commodities , or Indices.

Market Structure: This is classified as any group of candlesticks placed together with the use of Support, Resistance, and Trendlines . once grouped they would provide a pattern to indicate a possible movement in price action.

Support: Areas in the market where the price tends to reverse after a sell-off (lower price action)

Resistance: Areas in the market where the price tends to stop, pause or reverse after the bull run (higher price action)

Uptrend: price action in the market creating a series of high highs and higher lows.

Downtrend: price action creating a series of lower lows and lower highs

Long: Taking a position to buy the base currency

Short/Bearish: Taking a position to sell the base currency.

Long/Bullish: Taking a position to sell the base currency.