Hey traders, On the EURCAD we have a potential bullish bat pattern taking shape on the 4 hour timeframe around the 61.8% Fibonacci retracement. Cheers
Strong and fresh supply level for swing term position, I'll sell at the supply level, If the price will breakout the confirmation zone it indicates the price tend to reach the supply level, there is a space of 80 pips between the confirmation zone to the supply level, we can use this space and try to look for intraday buy position.
The dominant pattern of the EUR/CAD exchange rate is a six-month descending channel. The Euro bounced off its upper line circa 1.5150 late in October and has since fallen down to 1.48. During its last wave up in this long-term pattern, the pair was likewise restricted by a junior channel down. This pattern, however, was breached on Friday when Canada’s data...
Like i explained in the chart, one more down move is possible.
Description in chart ...
Price retest the neckline at the structure and make double top. you can short now or wait until rising wedge broken
Price most likely will go back to the bottom of channel before making a decision on direction. A break of the counter trend line will send this pair to resistance. CAD news in the morning lets see how this plays out..
Here I have identified an opportunity to grab a short position on the EUR/CAD with today being a major economic day for the USD I believe it will trigger a shift in the Euro zone.
Currency pair - EUR.CAD Chart timeframe - 15mins Area of interest - 1.5018 & 1.5040 Chart pattern - Bearish Cypher Potential target 1 - 1.4986 Potential target 2 - 1.4967 Potential extended target - 1.4952
Bearish wedge breakout. Going to short the pin bar. Setup bar H - 1.49512 L - 1.49200 Difference of .00312. Entry 1% short at a break of the low, 1.49195. Stop at 1.49519. Difference of .00324 pips. T1 - 1.48871 T2 - 1.48547. Since I'm only risking 1% I'm only trading to T1, if I could risk 2% I'd put 1% on T1 and trail the other 1% to T2. Good luck! ...
Price broke its daily support now turning resistance, & broke out of its flag pattern. Expecting another wave down to next daily support level / daily wedge uptrend line.