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EURO REFERENCE RATE / CANADIAN DOLLAR

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EUXCAD trade ideas

EURCAD Analysis: Bearish Continuation Upto 1.46000This EURCAD 4-hour chart analysis indicates a bearish continuation setup. Multiple Break of Structure (BoS) and Change of Character (ChoCh) levels suggest strong bearish momentum. Price is trading below key moving averages and encountering Fair Value Gaps (FVGs) acting as resistance. The Relative Strength Index (RSI) supports the bearish outlook. Immediate targets are 1.46500 and potentially 1.46000. Look for short entry opportunities on retracements to resistance levels.
Short
by Karnatrader
EURCADThis chart represents the EUR/CAD (Euro/Canadian Dollar) currency pair on a 4-hour timeframe. The analysis appears to be a technical analysis focusing on price action, support and resistance levels, and potential future movements. Key Elements of the Analysis: 1. **Trend Line**: - A dashed upward trend line is drawn from mid-April to early June, indicating a period of bullish momentum. 2. **Change of Character (CHoCH)**: - The chart marks a "CHoCH" (Change of Character) around early June, where the price breaks below the trend line and a previous support level, indicating a potential shift from bullish to bearish sentiment. 3. **Support and Resistance Zones**: - **Resistance Zone**: Around 1.48600 - 1.48800, where the price previously found resistance and reversed. - **Support Zone**: Around 1.47600 - 1.47800, which was previously a support level but has now been broken, indicating a bearish signal. - **Lower Support Zone**: Around 1.45600 - 1.46000, which is the next significant support level where the price might find support if the bearish trend continues. 4. **Price Action**: - The price has recently broken below the support zone at 1.47600 - 1.47800, indicating a bearish breakout. - The chart suggests a potential retracement back towards the broken support zone (now acting as resistance) around 1.47600 - 1.47800 before continuing the downward movement. 5. **Projected Movement**: - The analysis projects a potential retracement to the 1.47600 - 1.47800 zone, followed by a continuation of the bearish trend towards the lower support zone around 1.45600 - 1.46000. Summary: The analysis indicates a bearish outlook for the EUR/CAD pair. After breaking below a key support level and the upward trend line, the price is expected to retrace to the previous support (now resistance) before continuing its downward movement towards the next significant support zone. Traders might look for shorting opportunities around the 1.47600 - 1.47800 resistance zone, targeting the lower support zone around 1.45600 - 1.46000.
Short
by harshkjogadia
EURCAD H1The EURCAD breakout in the hourly chart presents an excellent educational opportunity to understand technical analysis and trading strategies. This scenario provides a practical example of how to identify support levels, interpret market movements, and utilize Fibonacci targets for potential trade opportunities. By following this breakout and observing its development, traders can gain valuable insights into market behavior and learn how to apply these concepts in their own trading decisions. Additionally, staying informed about economic news and geopolitical events will help traders understand the broader factors influencing currency pairs. This real-time example can serve as a valuable educational tool for those looking to enhance their understanding of forex trading. EUR/USD is trading close to 1.0900, looking to build on Wednesday's hard rebound after the Federal Reserve (Fed) pivoted into a path toward rate cuts after months of towing the “higher for longer” line. ECB policy decision is next in focus.
Long
by dipen228
EURCAD H1The Relative Strength Index edged higher to 50 on the 4-hour chart, reflecting a loss of bearish momentum. On the upside, the pair faces stiff resistance at 1.0820 (200-day Simple Moving Average (SMA), Fibonacci 38.2% retracement of the latest uptrend). A daily close above this level could open the door for additional gains toward 1.0870 (100-period SMA on the 4-hour chart) and 1.0900 (psychological level, Fibonacci 23.6% retracement). 1.0750 (100-day SMA) aligns as critical support. A hot US inflation in November could trigger another leg lower in EUR/USD. If sellers flip this level into resistance, 1.0700 (Fibonacci 61.8% retracement, psychological level) could be seen as the next bearish target before 1.0660 (static level).
by dipen228
EURCAD is sell sideAccording to my technical and fundamental analysis, the EURCAD pair is currently trending towards the sell side, making it a prime opportunity for traders to short the pair. From a technical standpoint, the pair has broken below a key support level at 1.49200, indicating a bearish trend. In addition, the recent price action suggests that the pair may continue to decline, providing a profitable trading opportunity with a good risk-to-reward ratio. Furthermore, from a fundamental perspective, the economic data from the Eurozone has been weak in recent months, while the Canadian economy has been performing well due to the steady rise in oil prices. This has potentially created further downside pressure on the EURCAD pair. Therefore, I suggest placing an entry point at 1.49100 to initiate a short position. My target for the sell trade on the EURCAD pair is set at 1.4600. This target price is based on technical analysis of the pair's chart, as well as the bearish outlook for the Eurozone economy, while the Canadian economy is expected to continue to perform strongly. However, it is important to note that as with any trading strategy, there are inherent risks involved. Traders should always execute proper risk management techniques when entering a trade, such as using stop-loss orders and limiting their exposure to the market.
Short
by ludba999