Tuesday, December 4, 2012

EURCAD Short Trade

myfxvoyage.blogspot.com EURCAD Short Trade
Pair EURCAD is backing off from horizontal resistance area. 

Area around 1.3031 looks to be important. On previous several occasions, price has backed off from this level. (see daily chart). 

On hourly chart, price is following up in ascending channel. Channel upper boundary now coincides with horizontal resistance area and price is backing off from there.
myfxvoyage.blogspot.com EURCAD Short Trade

At current level it looks a good short trade. 

I went short at 1.2990 with a stop above the horizontal resistance area at around 1.3050. I am looking for a move down to 1.2900.

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