EUR/CAD: 21.07.2017
Our expectation: A Medium term long trend with higher highs and higher lows. The correction down to horizontal and diagonal support around the levels of 1.44800-1.4500. The correction also coincides with Fibo 50%. Price held above the support, without a break below, this is showing us that the correction might be over and in addition, the price made an engulfing bar at the support. SL: 1.44700
Alternative scenario: If the price breaks below both horizontal and diagonal supports, will cancel the bullish view.
Comment: Technical indicator DeM(14) - turned up and pointing up, Price held above the 200 SMA, Price Action - engulfing bar at support, Fibo 50%, as the 50 SMA is above the 200 SMA.
Trader - S. Fuchedzhiev
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.