EURAUD broke out quite sharply few weeks back followed up by a double top on bigger picture. As now this market rallying a bit but to me it seems like market momentum is weakening across the board which signals for a downside to ensue. Watch for compression here and strong bearish expansion bars to build positions or if you have your trading strategy consider shorts.
Hi, great insight! It's going to bearish as per your analysis, correct me if I'm wrong, EURCAD is moving in a channel, so it need to break the channel, with a strong momentum, perhaps there will be a price retracement @1.57567, but if everything went well, it should continue to reached last 2 week low (+-20pips) @1.569897..
UmarAbdurRehman
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@redzal, i don't have much analysis on this market, can you please attach your chart here so i can see and respond accordingly.
NubisTrader
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@UmarAbdurRehman, sorry, I'm new here, I don't know how to attach the picture... anyhow for now, what we can wait for is the price to break Fibo 423 @1.56735 with big momentum, and if it's manage to do so, it is manage to do so the price will retrace again at @1.56425 last 3 weeks low.. if the momentum are strong (candle H1 close between those price), it will continue bearish perhaps 30pips +- @1.55000... any fail attempt to break (after second re-test) on those price, it should bounce back...
zellagazeddine
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GREAT WORK I make 100pips jest with trade thanks brother