PabloSantander

EUR/CAD Anticipate Further Downside

FX:EURCAD   Euro / Canadian Dollar
106 3 5
INDICATORS

1. PIN BAR: Although not found at the top of the deliberation pattern, the length of the tail and the fact it failed to close
above the (resistance) trend line indicates a bearish bias.

2. DELIBERATION PATTERN: Typically a reliable pattern if the third bull candles wick is longer than the previous two, however confirmation is required as the wicks aren't A typical - Bodies have progressively closed shorter in size relative to the previous candles close so the bearish bias is still in play.

NOTE: Awaiting close of this weeks candle (bear candle preferred) below 61.8 Fib level before an entry can be considered.

Anticipated Target: 1.35493

Hi, i decided that lower resistance level was the kneck line of an inverse head and shoulders pattern what do you think?
Reply
PabloSantander SteveTobin
Glad you mentioned it!

Definitely an inverse H&S found on the daily chart however,
H&S pattern is positioned near the monthly resistance level of 1.39908, so I'm expecting this pair
to hit this resistance level first before continuing its downtrend.

DAILY CHART

Typically, an inverse H&S pattern has 3 white bull candles (roughly equal size to the previous candle) upon breaking the neckline, this pattern has 2 bull candles
with a pin bar found on the third bull candles close. Hope that helps!

snapshot
Reply
PabloSantander PabloSantander
Apologies, here the updated version of the chart. (ignore previous chart)

snapshot
Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out