Forex Chart of the Week July 6th
EURCAD – Kumo Break – What Next?
The EURCAD has done something it has not done in some time just the other week – break and close above the daily Kumo. The last time the pair felt air up here was back in Dec. of 09′. Although this is a positive event for the bulls, we suspect the pair will drift down towards the flat top at 1.3100, then use this as a base before turning higher since it has the 2-step down formation.
Initial upside targets are 1.3463 and 1.3750 which are the swing highs for May and April 10′. Beyond that, we could be witnessing a major reversal for this pair as Kumo breaks like these often precede major turns.
If you would like to find simple high-probability trades using pivots and price action only, you can check out the Advanced Price Action or the ProForex Course which will teach you rule-based proprietary systems to trade these profitable setups.
If you have any questions about our courses, feel free to email me via the Contact Page and please make sure to comment below!
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book