After the ECB’s plans of further easing, the Euro has weakened across the board. For those following this blog, we had recommended a short position in EURCAD. This updated renko technical analysis of EURCAD offers revised targets on a higher Renko box settings.
The chart below is that of the EURCAD Renko chart set to 50 pips box size. Analyzing this EURCAD renko chart based on the Renko divergence and trend line break out method, we have established new targets at 1.35299 and 1.32299 or rounded off to 1.353 and 1.323. Previous analysis of EURCAD can be found here.
The chart also shows grey dashed and dotted lines which show potential reversals to start from. Look to selling any possible rallies that might occur at any of the three past support/resistance levels, targeting T1, while older positions should remain as is, targeting T2.
The opportunity to increase profits are tremendous as long as there is an existing position in EURCAD shorts whose already in profit pips could cover any risks in new positions.