EUR/CAD - An engulfing possibility

FX:EURCAD   Euro / Kanadischer Dollar
This will be our plan for this week which we will follow and based on which I will post Live Trades on our Twitter page.


The EUR has gained some grounds over the past week against most major currencies. We can see on the Daily time frame that the uptrend wave on the EUR/CAD pair started in the middle of September and after the first wave was finished, we had a correction wave in October, followed by a new impulse wave which managed to make a new top on the 30th of November. Right on the next day the price dropped drastically below the previous top made by the first wave and also the price actions showed a Bearish Engulfing on the Daily time frame. In my opinion we will either see a correction here reaching to the first Support Area , which is our Target 1, or if a new downtrend is formed, the price might drop all the way down to the second Support Area . I have divided our plan in to two Sell Zones on the H4 time frame and I will look for possible entries on the M30 time frame, which I will post on our Twitter page.
Below you can find the zones and links to our Twitter page and our Blog.

Sell Zone 1: 1.5110 – 1.4800
Sell Zone 2: 1.4740 – 1.4500

If the price retraces back up going above the resistance area we won’t open any trades, but review our plan.

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I wish everyone good luck and a profitable week! :)
Trade ist aktiv: LIVE SIGNAL available:
Trade geschlossen: Stop wurde erreicht: Unfortunately we got stopped out overnight on our Live Trade. We will continue to monitor the plan as it unfolds and look for opportunities.

SL hit - Loss: 35 pips / 1 %
Kommentar: Price has reached the resistance area from where the first down move started. The unexpected push up after the BoC Interest Rate decision prevented us from taking any more trades. For me personally this jump up of the price was a trap for the bulls and price will now move down, probably even making a new low. Of course this is just a prediction. If the current H4 candle closes without breaking the resistance area we will start looking for possible entries which I will post on Twitter.
Order storniert: This plan is no longer valid as the pair failed to move further down. It covered around 50% of our Sell Zone 1, but failed to give us the results we expected.
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Additional educational articles-Medium: @dmtradingbg
Beautiful analysis!!
@Chintalp1, Thank you very much! I hope it will be of any help to you! Good luck and profitable trading :)
Chintalp1 DMTradingBG
@ilian91, Thanks!! Same to you!
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