ZOOMING IN ON EURCAD

Tendency: Uptrend ( Bullish )
Structure: Flat Channel| Breakout
Observation: i. The EUR has been bearish since June 2019.
ii. The Impulse leg XA hits the Demand zone since Sep 2019.
iii. CHANNEL: Since hitting the demand zone, price action has been caught up in amidst a series of bounded fluctuations explaining the indecision in the market.
iv. We can't ignore how difficult it is for price to break this zone which suggests that it might need a correction into 786 to gain the momentum it needs.
v. A breakout of 1.47000 level in Nov and Dec 2019 is a clue that there is strength within the market to break above this level.
vi. The structural tendency at this juncture is hinting at a Cypher structure (in pink on chart) in the background.
vii. Bearish trendline (Resistance in red dashed line) appears to be new support @ 1.44500 level after the breakout in Nov 2019.
viii. Price action climbing the Moving Averages on lower time frames.
Trading plan: BUY with a minimum potential profit of 375 pips.
Risk/Reward: 1/4
Potential Duration: 3 to 7 days



** Please note that Stop Loss/risk-reward ratio is subject to individual risk appetite per trade and account size.

Watch this space or Telegram channel for updates as price action is been monitored.


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