Just like the EURCAD and EURAUD, i think this pair reached a top and a log term decline is starting.
More than that, this pair is extremely overbought, we can see it on monthly chart.
The EURCAD and EURAUD are already gone. We can still trade this pair using this setup.
Right now price is consolidating forming a nice inverted pennant/flag. My prefered scenario is that price will break to the downside and will reach the projected pennant target. Just in case a place another two targets following my money management system.
A conservative entry would be to place sell stop orders below the level shown on chart. This depends on each trader, i prefer to enter now to have a better R/R ratio.
Best regards.
*****************DISCLAMER********************************************************************
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
Follow me on Twitter for updates: @fxtrader2000
More than that, this pair is extremely overbought, we can see it on monthly chart.
The EURCAD and EURAUD are already gone. We can still trade this pair using this setup.
Right now price is consolidating forming a nice inverted pennant/flag. My prefered scenario is that price will break to the downside and will reach the projected pennant target. Just in case a place another two targets following my money management system.
A conservative entry would be to place sell stop orders below the level shown on chart. This depends on each trader, i prefer to enter now to have a better R/R ratio.
Best regards.
*****************DISCLAMER********************************************************************
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
Follow me on Twitter for updates: @fxtrader2000