Eurcad

[Lifesong]

Hi Neal

It's been a while since you've updated the EURCAD chart and it seems that a potential trade might be developing. The following is a summary of my view:

Longterm upsloping trendline from swing lows of Nov 7th and Feb 8th is just below the 1.5500 level. I also find SK support on daily & 4H chart @ 1.5498 to 1.5513. Taking all this into account this could be the possible longterm bounce area for LONGS!!

I attach my chart and would appreciate your view of this set up and if possible a video update as part of you daily chart updates.

Thanks in advance
Otto

[FibMaster]

Good observation! I wrote this one down yesterday, saying I should monitor this for potential shorts, possibly do a daily chart update for subscribers. It's moved down nicely, will do a video update today. You'll see it in your mailbox shortly.

Yes your trend-line and SK support are valid, but below them it is shorting zone. If it did support, it would be a long chart. I anticipated the down-break but would have been equally happy to trade long on support per your observation.

[FibMaster]

You may get your long trade yet!

See today's update. The 4 hour chart has crossed up for a long.

There is mini-resistance at 1.58, could be an issue, above that it's a bull ride.