EUR-CAD|POSSIBLE REVERSAL|LONG SETUP|HARMONIC TRADING
The current technical analysis of the EUR-CAD currency trading pair reveals an DECREASING trend that has been shaping from last few hours. However, there is also an indication of BULLISH divergence and presence of Bullish AB=CD HARMONIC pattern suggesting that the bearish momentum of EUR-CAD may be losing its momentum.
Looking at the charts, we can see that the price of EUR-CAD has been steadily FALLING forming Lower Highs and Lower Lows, indicating a clear down trend.
However, there is a notable bullish divergence pattern emerging, indicating that the bearish momentum may be losing steam. While the price of EUR-CAD has been decreasing, the Relative Strength Index (RSI) has been showing a upward. This divergence between the price and the RSI suggests that the price may be oversold and due for a correction.
Considering all the technical indicators, it appears that the EUR-CAD currency trading pair may take the bullish movement from the ENTRY PRICE mentioned in the chart. Thus, it can be an opportunity for a LONG TRADE if it breaks the ENTRY PRICE.
Risk to Reward Ratio is suggested to 2% of the total portfolio.
Looking at the charts, we can see that the price of EUR-CAD has been steadily FALLING forming Lower Highs and Lower Lows, indicating a clear down trend.
However, there is a notable bullish divergence pattern emerging, indicating that the bearish momentum may be losing steam. While the price of EUR-CAD has been decreasing, the Relative Strength Index (RSI) has been showing a upward. This divergence between the price and the RSI suggests that the price may be oversold and due for a correction.
Considering all the technical indicators, it appears that the EUR-CAD currency trading pair may take the bullish movement from the ENTRY PRICE mentioned in the chart. Thus, it can be an opportunity for a LONG TRADE if it breaks the ENTRY PRICE.
Risk to Reward Ratio is suggested to 2% of the total portfolio.
Trade closed: target reached:
TP1` HIT