EURCAD How to Trade
Euro Fx/Canadian Dollar
The price is at the uptrend line. In spite of RSI is not far from the oversold zone, DMI gives a bearish signal. This zone is very important for the market. The price action in this zone will give us understanding how to trade. If the price bounces from the uptrend line and RSI confirms the price reversal, we’ll be able to buy based on this reversal signal. Entry level should be above the cloud at 1.59000 level. Stop orders for buy trades should be placed below the uptrend line and the local swing low. Profit target should be at 1.61000 resistance level .
Alternative variant: if the price breaks the uptrend line and ADX line rises, we’ll be able to sell based on the breakout signal. Entry level is 1.57350 with stop orders at 1.59500 level. Profit targets should be 1.55500 and 1.54000 support levels.
Source: TW DLavrov