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 on the Daily time frame. In my opinion we will either see a correction here reaching to the first , which is our Target 1, or if a new downtrend is formed, the price might drop all the way down to the second . 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 we won’t open any trades, but review our plan.
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I wish everyone good luck and a profitable week! :)
SL hit - Loss: 35 pips / 1 %