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The EURUSD is trading exactly at around a mid point where several arguments can be made for a bullish scenario, and several for a bearish scenario.
But from a bullish perspective it's certainly worth looking at going long EURCAD over EURUSD.
The pair has just broken through a channel on the daily chart as well as a smaller channel on 4H. On top of that it has been struggling to make a new low since early Sept at a key fib level.
Personally, I was long the pair several weeks ago, and eventually closed it as it wasn't going anywhere. I am currently short EURUSD, but with the USDCAD breaking to new yearly highs, this chart is certainly worth looking at.
But from a bullish perspective it's certainly worth looking at going long EURCAD over EURUSD.
The pair has just broken through a channel on the daily chart as well as a smaller channel on 4H. On top of that it has been struggling to make a new low since early Sept at a key fib level.
Personally, I was long the pair several weeks ago, and eventually closed it as it wasn't going anywhere. I am currently short EURUSD, but with the USDCAD breaking to new yearly highs, this chart is certainly worth looking at.
Figure 1 - EURCAD Daily Channel break
Figure 2 - EURCAD 4H - RSI Divergence and minor channel break
