This week’s Forex Insights
This week began with a big fundamental event: French election. Macron won – which was no surprise. This result will strengthen the EUR for the next week. One may say that this result of the election was already priced in – but a look at the Commitments of Traders Data (COT-Data) showed that the Commercials were not „on board“ during the election event. They may enter here.
I have looked at different pairs this week. Have a look.
3EURCAD
CAD is strong as already said. EUR could be very shaky by now. Maybe price will retest the latest Fibonacci-retracement of 76 at 1.4926. There the price should find support to go up at least 200 pips.
Weekly performance is 57% of the last 7 years to go up this week by gaining 215 pips on average and only going down 123 pips. This is a RRR of nearly 1:2
Candlesticks: On a daily time frame the last two days of last week formed a Dark-Cloud. So price is expected to go down first.
Direction: Long
Entry: Buy-Limit @ 1.4926
Stop-Loss: ca. 130 pips (1.4792)
First Target: 1.5116 (89 Fibonacci-Retracement)
Second Target: 1.5276
When price goes above 1.5320 next target will be 1.5600
