EURCAD In Focus : 270+ Pips To Target
Mon 17th July 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- EURCAD (Primary Focus Pair)
- USDCHF (Covered In Video)
- CADCHF (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| CADCHF Short | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 1.4777 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 1.4680 | -97 pips | |
| Profit 1 | 1.5050 | +273 pips | 1: 2.8 |
| Profit 2- |
Details:
EURCAD is our forex pair in focus today as the pair features on both our live forex strength vs weakness tables.
EUR is S2 and CAD is W2 on both, meaning we could see this forex pair trade much higher.
The EURCAD chart shows price trading through multiple levels of resistance including the highs of 1.4750.
This could see price trade to the next level of resistance which is 1.5050, May 3rd swing highs.
Before going long in this market we should consider a pullback opportunity first.
On the hourly time frame price is forming higher highs and higher lows.
Not only this but price is trading above support, trendline support, 50 moving average and daily 200 moving average.
The hourly 50 MA and trendline support intersects with the 1.4775 support.
If price can retest this level it may trade higher.
Technical Observations:
- Price is in a strong upward trend.
- Price is trading above the daily 200 moving average.
- Price needs to pullback before considering an entry.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
