EURCAD - Long or Short
EC is nearing daily demand after having fallen for the past 3 weeks straight. Price is over 100 pips away at the moment and there may be some shorting opportunities before price reaches the demand. The break of the purple line was significant as it marks previous lows on the daily and weekly charts. There was not much to stop price falling after this break. If price retraces before reaching demand then I’ll be looking to short from levels on the H1/30m.
EURJPY - Long
EJ is also nearing a daily demand level which looks similar to EC. A nice drop into the level would warrant a closer look for long opportunities.
There is still potential for a long from the EN demand level identified last week but price needs to show us the way first.
Still waiting for the NU to show signs of where it will go. If you look at the weekly, we’re sort of in a demand zone there though it doesn’t look to pretty on the daily. Price could therefore rally from this point.
UC has already hit demand on the daily and started to rally. Lower time frame PA has already shown that the rise is likely to continue.
UJ did make a move down during last week before rallying strong on Friday. Price could still fall from here and I’m sure we’ll find out this week.