is showing weakness across the board. After careful deliberation, I chose EURCAD
as the pair to short, mainly because there are some signs of CAD strength against other currencies and because I found the technical setup to be most appealing. Today's candlestick
, while not completed at the time of this writing, is looking like a reversal candlestick
signalling bears are ready to re-enter after the bulls executed a pullback in the primary downtrend. We're now at a support level
, and I've used an AB=CD
pattern to identify point D as a target based on the size of the pullback.