EUR/CAD bulls on the attack, eyes on 1.5630 target

Ross J Burland FXStreet

EUR/CAD is on the march and is offering the potential for a long opportunity targeting prior structure in the 1.5630 regions.

Bulls will be looking yo buy at a discount to spot if the price moves back to test the prior resistance structure and subsequently holds as it turns to support.

The position should be protected by a stop loss below the recent lows to offer a minimum 1:2 risk to reward ratio.

Hourly chart

15-Min chart

If the buy limit is triggered, the trader should monitor the price action and move the stop to break even once the price has achieved new structure to the upside, protecting the entry position and new stop loss.

If the price just continues towards the target without triggering the buy limit, subsequently forming a new structure above the resistance level, then the buy limit should be removed.

The price action can be monitored every 15-minute close.

Update:

The horse has bolted on this trade but another opportunity has arisen in CAD/JPY.

EUR/CAD's train has left the station

CAD/JPY now in play

Progress on this set up can be followed here:

CAD/JPY Sell Limit opportunity at 80.14 for 1:2 risk/reward

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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