Trading EUR/CAD with L.Vereshchagin
EURCAD technical analysis from 21.11.2013 by Leonid Vereshchagin
Chart 1. Daily EURCAD
The price is clearly moving in an uptrend. The pair is now testing the D1 trend line support. There is now an interesting chance to go short on the pair.
The middle resistance zone 1.4160-1.4200 of a wider 1.3890-1.4430 range is cinfirmed, so we are planning to sell from here. See more details on the H4 chart.
Chart 2. H4 EURCAD
On the H4 chart the resistance 1.4160-1.4200 area is strengthened by the trend line.
Stop Loss: 1.4265
Take Profit: 1.4050
Given the short-term character of the trade, we apply the (TP1) from the D1.
Chart 3. H1 EURCAD
Conclusion: Sell-signal confirmed.
Technical analysis by Leonid Vereshchagin
Independant FX trader, coach and analyst