Tuesday, April 21, 2015

EURCAD Buy Recommendation April 22nd 2015

Currency Pair: EURCAD
Timeframe: Hourly Chart (H4)
Recommendation: Buy EURCAD @ 1.3160
Take Profit @ 1.3760
Stop Loss @ 1.3000

I am going long the EURCAD as I believe the upside potential far outweighs any downside potential from current levels. It appears as if this currency pair has found support and any move below my entry level at 1.3160 should be taken as another great opportunity to add to existing long positions or to add new ones.

I am looking for a short-covering rally to kick of the advance and as selling pressure is being replaced by buying pressure the rally should gain steam. I expect the EURCAD to test its resistance level over the next few trading weeks.



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