EURCAD monthly TA

FX:EURCAD   Euro Fx/Canadian Dollar
71 0 3
The strength of the pitchfork in this chart is coming from the action reaction principle, because the ML hosts pivots countless times. The pair trades in a strong confluence zone, and UMLH reaction is highly likely. The Stoch drew a nice long-lasting top between July 2013 and April 2014, after which we saw a decline to the oversold zone. The first bearish crossover after this was induced by the UMLH reaction, which would indeed be a sell signal if this was a shorter time frame. But the bulls did not give up after that point, forcing the price up again to touch the UMLH. In order for the bulls to turn the scenario for themselves, the price needs to draw a big green candle in the following month; otherwise, the picture is bearish .
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