Daily Technical Analysis: EURCAD Breaking Out Daily Resistance!

ZFX  – Today’s daily analysis will focus on Forex, Indices, Cryptocurrencies (ETHUSD) and American Stocks (Meta). Also, at the end of the article there is a EURCAD trading idea (signal) that might be an insight for you.

Every afternoon in the London session, ZFX provides a technical analysis or outlook in the form of a video, don’t forget to check the analysis video.

So how about today’s Pre-London Analysis?

Before you start trading, you need to do some analysis first. Here’s a little summary of today’s market outlook (21/12/2021) from ZFX Analysts:

XAUUSD Technical Analysis – Commodities

XAUUSD (Gold) retraces after the breakout, but again penetrated the previous key level. Now it seems likely to be bearish in the short term and provide a clean chance to buy above 1811.

ETHUSD Technical Analysis – Cryptocurrency

ETHUSD is in a downtrend, but managed to break out of the down-trendline. After the breakout, the next target for ETH is at a small resistance of 4100, or higher in the 4500 area as a stronger resistance.

Meta Technical Analysis – American Stocks

Meta stocks seem to be ranging with a bearish tendency, indicated by daily movements around the 50, 100, and 200 MA lines. Meanwhile, the trendline drawn from the all-time-high seems to hold back the gains from FB stocks. There is a possibility that Meta stock will retest to the next support in the 308 area.

Trading Idea – EURCAD (Buy Limit)

Order: Buy Limit
Entry: 1.45140
Stop Loss: 1.44100
Target 1:  1.46450 (50% + BE)
Target 2: 1.48560 (25%)
Target 3: 1.50000 (25%)
Risk total: 1-2% Equity (Medium Risk Setup)
Reason: Breakout resistance, anticipate retest + clean traffic

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Disclaimer: Trading ideas by this website are provided as general market information for educational purposes. There is a risk of losing money in trading. Past performance is not necessarily indicative of future results.