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EURCAD Wave Analysis 4 November 2024 - EURCAD reversed key resistance level 1.5160 - Likely to fall to support level 1.5100 EURCAD currency pair recently reversed down from the key resistance level 1.5160 (which has been steadily reversing the price from the start of August as can be seen below), strengthened by the upper daily Bollinger Band. The downward reversal from the resistance level created the daily Japanese candlesticks reversal pattern Dark Cloud Cover – which marked the end of the previous ACB correction 2. Given the strength of the resistance level 1.5160 and the overbought daily Stochastic, EURCAD currency pair can be expected to fall to the next support level 1.5100, the former resistance from October.
Short
by FxProGlobal
EUR/CAD Approaches Key Resistance Level on the Daily ChartEUR/CAD is currently trading near its highest resistance level since 2021, around 1.5200. This price zone has been tested multiple times in recent months, indicating strong resistance that the market has struggled to overcome. The repeated testing without a definitive breakout suggests that selling pressure may be building, which could lead to a reversal if the support below is breached. Key Resistance at 1.5200: This resistance level has been challenged several times, establishing it as an important psychological barrier in the market. The ongoing difficulty in breaking through this area supports the notion that a retracement could occur in the coming weeks. Support at 1.5075 (Potential Trigger Level): The 1.5075 level is identified as a significant support point in the short term. If the price drops below this level, it could generate considerable selling pressure, indicating that the pair has lost critical support and triggering potential short positions. Potential Selling Opportunities: Given the recent behavior of testing resistance and the absence of a sustained breakout to the upside, the current market structure suggests a possible sell-off. The trading plan may include: Short Entry: A short position could be considered if the price breaks below 1.5075, confirming the loss of support and signaling a potential reversal. Upon this breach, EUR/CAD could decline towards the 1.4900 level, where another crucial support area exists on the daily chart. Alternative Scenario: Conversely, EUR/CAD remains in an uptrend (as indicated by the black trendline on the chart), suggesting that a breakout above the 1.5200 resistance might still occur. If this level is surpassed and the price maintains above it, EUR/CAD may transition into a new price range. In this scenario, the current resistance might turn into support, with the potential for EUR/CAD to rise towards the 1.5350 region in the coming days, where additional resistance can be anticipated on the daily chart. Caution Against Fake Breakouts: Levels of resistance in EUR/CAD present ideal scenarios for fake breakouts that can lead many traders to incur losses. A fake breakout occurs when the price temporarily breaks above or below a relevant level, only to reverse quickly, misleading traders. These often manifest as candles with large wicks or tails. Therefore, it is crucial to seek confirmation before entering a trade to mitigate the risk of getting caught in such false movements. Monitoring Key Levels In summary, as EUR/CAD approaches significant resistance at 1.5200, traders should carefully monitor both resistance and support levels. A prudent approach will involve waiting for confirmation of price movements before entering positions, particularly in the context of potential fake breakouts. Disclaimer: 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. This content is not intended for nor applicable to residents of the UK.
by Marketscom
COUNTER-TREND TRADING...SAFE OR RISKY?....EURCAD LIVE EXAMPLEWhat is going on everybody! Hope you are having an amazing weekend so far! Just wanted to come on here and speak a little bit about one of my favorite trading subjects which is counter-trend trading! I personally do counter-trend trading as one of my trading strategies so I wanted to come on here and share a real life example of some things I look for and the mentality behind trading against the current trend of price Hope you guys enjoy! Please boost and follow my page for more breakdowns! Appreciate you all! Cheers!
by JosePips
6
EURCAD What Next? SELL! My dear subscribers, EURCAD looks like it will make a good move, and here are the details: The market is trading on 1.5128 pivot level. Bias - Bearish My Stop Loss - 1.5169 Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable Bearish continuation. Target - 1.5066 About Used Indicators: The average true range (ATR) plays an important role in 'Supertrend' as the indicator uses ATR to calculate its value. The ATR indicator signals the degree of price volatility. ——————————— WISH YOU ALL LUCK
Short
by AnabelSignals
1
EURCAD Will Go Down From Resistance! Short! Here is our detailed technical review for EURCAD. Time Frame: 1h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The price is testing a key resistance 1.513. Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 1.509 level. P.S We determine oversold/overbought condition with RSI indicator. When it drops below 30 - the market is considered to be oversold. When it bounces above 70 - the market is considered to be overbought. Like and subscribe and comment my ideas if you enjoy them!
Short
by SignalProvider
1
EURCAD_101 2024.11.01 08:33:04 Trading Signal BUYFrankPro Signal for EURCAD_101 Type: Screen Signal: BUY TP: 1.51558 SL: 1.51246 Entry Price: 1.51294 Analysis for EURCAD Forecast Overall(Short-Term, Long-Term): ST= Probably Up LT= Probably Up Forecast Methods(Short-Term, Long-Term): ST=Up LT=Up ST=Up LT=Up ST=Same LT=Same Analysis Method(0) Based on the provided analysis, here are my conclusions for the EUR/CAD currency pair: **Short-term (next few days/weeks):** * The pair is expected to test the resistance zone around 1.5000, which could lead to a rollback towards support levels. * A decisive bullish breakout above 1.5026 could suggest the end of the downtrend. * The trend appears to be up on the four-hour and one-hour charts, with intraday support at 1.14928. * Considering these points, I expect the price to **go up** in the short-term, potentially breaking out above 1.5026. **Long-term (next few months):** * Both the ECB and BoC are expected to cut interest rates, which could influence the EUR/CAD pair. * The ECB's potential aggressive rate cut could provide upside for EUR/CAD. * The Canadian Dollar is facing downside pressure due to external factors such as the US election risk and lower Crude Oil prices. * Considering these points, I expect the price to **go up** in the long-term, as the ECB's rate cut and external factors could bias EUR/CAD to rise. Overall, both short-term and long-term analyses suggest that the EUR/CAD pair is expected to go up, driven by the potential ECB rate cut, external factors affecting the Canadian Dollar, and the current technical setup. Result: ST=Up LT=Up Analysis Method(1) Based on the analysis of the provided data, here are the expected price movements for the EUR/CAD currency pair: **Short-term (next few days to a week):** * The price is expected to **go up** slightly in the short term, with a daily high forecast of $1.509578 for October 31, 2024. * However, there is a prediction that the EUR/CAD rate might **fall** to around $1.493272 in the next week. **Long-term (next month to a year):** * The price is expected to **stay the same** with minimal changes in November 2024, with a forecasted range between 1.502 and 1.509. * Looking ahead to 2025, the EUR/CAD rate is forecasted to **go up** slightly, with a predicted rate of around 1.510 in October 2025. It's worth noting that the market sentiment is currently bearish, but technical indicators show mixed signals, which may indicate some uncertainty in the market. The 14-day RSI is neutral, and the current rate is above the 200-day SMA but below the 50-day SMA, which may suggest a potential reversal or consolidation in the short term. Result: ST=Up LT=Up Analysis Method(2) Based on the analysis provided, here are my conclusions: **Short-term (next few days):** The price is expected to **stay the same** with a slight fluctuation. The predicted range of 1.453 to 1.542 suggests a relatively stable market with minor price movements. **Long-term (remainder of 2024 and into 2025):** The price is expected to **stay the same** with no significant downtrend or uptrend predicted. The overall trend is stable with minor fluctuations. It's worth noting that the forecast for November 2024 suggests a slight increase in the rate, but this is not a strong indication of a major uptrend. Overall, the analysis suggests a stable market with minor price movements in both the short-term and long-term. Result: ST=Same LT=Same
Long
by orbborisson
EUR/CAD at Key Support: Rebound or Further Decline?EURCAD is currently trading at 1.4900, which is a key support level. From this point, the price has the potential to move upwards, targeting the 1.5160 level. However, if this support level is broken, there is an increased likelihood that the price will continue to decline, potentially falling further until it reaches the Trendline Support. Traders should closely monitor the current levels, as any significant move in either direction could signal a shift in the trend and provide trading opportunities. Staying alert to price action around this support level is crucial for making informed decisions.
by FXTradingAnalysis
2
EURCAD Will Collapse! SELL! My dear followers, I analysed this chart on EURCAD and concluded the following: The market is trading on 1.5102 pivot level. Bias - Bearish Technical Indicators: Both Super Trend & Pivot HL indicate a highly probableBearish continuation. Target - 1.5053 Safe Stop Loss - 1.5130 About Used Indicators: A super-trend indicator is plotted on either above or below the closing price to signal a buy or sell. The indicator changes color, based on whether or not you should be buying. If the super-trend indicator moves below the closing price, the indicator turns green, and it signals an entry point or points to buy. ——————————— WISH YOU ALL LUCK
Short
by AnabelSignals
1
Short Position on EURCAD: Strong Potential for TP SuccessKey Fundamentals Supporting a Bearish Bias: - Eurozone Struggles: Recent economic reports indicate that the Eurozone is facing challenges, including sluggish growth and rising inflation. This could weaken the Euro as investors lose confidence. - Interest Rate Outlook: The European Central Bank is taking a cautious stance on interest rates, while the Bank of Canada is likely to raise rates. This contrast could strengthen the Canadian Dollar against the Euro. - Geopolitical Pressures: Ongoing issues in Europe, such as energy crises and trade disruptions, are creating uncertainty. This instability can further drag down the Euro's value relative to the CAD. I'm focusing on short positions for EURCAD by using probabilities derived from historical data. By analyzing past trends and applying straightforward mathematical rules, I can spot high-probability trading opportunities. This strategy helps me stay disciplined and make informed decisions, reducing emotional trading and increasing my chances of success. Let's dive into the multiple timeframe top-down analysis together: 12M: 1D: Hourly Entry:
Short
by Jasminex1x2
2