Since November 17/2020 EURCAD has been trending lower but visible bullish patterns on the 1 Hour time frame can be seen signalling traders of a possible move higher. On the 1 hour time frame a bullish market ascending triangle breakout pattern (light blue) and a bullish trend line breakout (green) was visible and on November 26/2020 I executed a BUY entry at 1.5514. BUY entry was at 1.5514 with stops at 1.5464 looking for targets at the 1:1 RR – 1:1.5 RR (1.5564 – 1.5589).
EURCAD 1 Hour Chart November 26/2020
Another key factor is on November 24/2020 EURCAD found a temporary bottom and started a new possible bullish trend. For a market to be trending to the upside it needs to produce and move in a higher high/higher low sequence. Since November 24/2020 EURCAD has been trending higher and at the moment we expect for the pair to continue pushing higher. Only a break below the November 24/2020 low will invalidate the bullish view. Only time will tell what the pair will do but now you know what to expect for the coming trading week if EURCAD moves higher.
EURCAD 1 Hour Chart November 28/2020
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
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