Jaroslav Vaclavik
3
All posts from Jaroslav Vaclavik
Jaroslav Vaclavik in Jaroslav Vaclavik -SMB Capital,

WHY TO HAVE A LOOK AT EUR/CAD NOW ??

BIG PICTURE PERSPECTIVE 

EUR/CAD is one of not too many cross pairs , which is actually trending nicely in the last 12 months and is a big part of trend following strategies  employed in the currency market . 

Looking at  EUR/USD and USD/CAD , we can see that recent pullback's from highs offering good buying opportunities into next move up in those , or at least retest of high levels established in the last couple of days . EUR/CAD cross  can be used to express both  trading ideas  in one single trade .



Looking at the Daily's ...

We have reached Support and possible retrace level 1.5150 .  Here I am looking for Price Action Analysis ( http://smbu.us/smbwho ) on smaller time frame  which can confirm or dismiss  this bias for Longs and if we are NOT reaching below 1.5030 , will look for retest and possible New Highs into next rally .

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OTHER SCENARIO 

Looking still for Buying opportunities , but if established in more deeper support zone  1.5030 -1.4980 , would be first sign of cracks emerging into this uptrend  . 

In this scenario 1.5370/80 level can come into play as a target for longs and reverse positions into  SHORT trade if we receive validation at the time .

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To learn more about the methodology used to prepare this analysis , please visit http://smbu.us/smbwho

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