EURCAD peeks above 1.3750 but is quickly knocked back
On Wednesday I took a look at a couple of euro crosses. EURAUD was the first and while it got itself over one hurdle it hasn't reached the choicest levels to enter a trade
EURCAD did and it tested and slipped above the 1.3750 area I was looking at. That level held the 200 wma and 55 mma. If I had bothered to come down one more timeframe I would have seen the 100 dma right around there too and this is what marked the top
EURCAD daily chart
The level held up very well and from that 1.3769 high has fallen over 200 pips. Unfortunately I didn't grab close to that.
I'd be very tempted to short at that level again but would be fearful of a quick move back up there, say over the next few sessions. If we have a period where we stay well below then I'd be more inclined to take the trade on again. The buffer at the 50.0 fib would still be a level I'd short up to even if 1.3750 breaks properly. As with all trades where you have to wait for the levels to come to you, you have to judge the move on its merits at the time rather than blindly trade because it held last time
Trading the longer timeframes can be a game of patience but that can pay off handsomely if you are prepared to wait