EURCAD is mostly driven by CAD swings in strength, which has as a result to help price move in clean moves without much choppiness.
Since July we notice that price is in a global downtrend has is caused by CAD empowering. This continuous CAD force is believed to keep affecting this market like now. Sellers are coming after buyers. Buyers are coming after sellers. Peace is over this pair. That makes it "easier" to predict where the next swing is more likely to head to.
We see that price is forcefully rejecting to break a long trendline. Two times of powerful rebounds make us have faith in a third rebound off of it. Also price is currently moving in a strong uprising wedge which is mainly seen as a chance for sellers to step in.
My personal target for price is 200 pips down to the base of the wedge aka the 1.542 zone. Let's see...
Since July we notice that price is in a global downtrend has is caused by CAD empowering. This continuous CAD force is believed to keep affecting this market like now. Sellers are coming after buyers. Buyers are coming after sellers. Peace is over this pair. That makes it "easier" to predict where the next swing is more likely to head to.
We see that price is forcefully rejecting to break a long trendline. Two times of powerful rebounds make us have faith in a third rebound off of it. Also price is currently moving in a strong uprising wedge which is mainly seen as a chance for sellers to step in.
My personal target for price is 200 pips down to the base of the wedge aka the 1.542 zone. Let's see...
Comment:
1H Outlook of the wedge
Comment:
Price failed to reach the top of the trendline. However it seems to form a head and shoulders pattern that could end down to our initial target area.
Trade closed: target reached:
Target zone reached! Beautiful moves here! :)
