🔰 Pair Name : EUR/CAD
🔰 Time Frame : 4H
🔰 Scale Type : MID Scale
🔰 Direction : SHORT/SELL
📈 EURCAD Technical Analysis Update 📉
Greetings, fellow traders! 🤝 Today, we delve into the technical aspects of EURCAD on the TradingView chart.
Over the past year, EURCAD has been maintaining a monthly uptrend since July 2022. However, starting from April 2023, the pair reached its 5th wave high and has since been exhibiting signs of a shift towards the downside.
Notably, during the period between mid-June and mid-July, EURCAD successfully retested the 23.6% Fibonacci level following a robust daily breakout, creating a notable market imbalance below.
At the onset of this week, the price demonstrated fresh key highs and formed two compelling daily bearish pin bars after filling approximately 50% of the market imbalance above.
In our professional assessment, it is highly likely that the price will embark on a downward journey to retest the market imbalance left below, aiming to reach the 1.442 level. This move could potentially lead to a decisive breakout of the current uptrend channel.
Our vision for EURCAD entails a minimum target of 1.442, followed by 1.43242, as it progresses through the selling liquidity collection phase.
Keep a vigilant watch on the evolving price action, and may the markets favor your trading endeavors! 🌟 #EURCAD #TechnicalAnalysis #ForexTradingView
Trade active
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EURCAD NOW AFTER OUR MORNING CALL!
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Strong bearish price reaction. Imbalance ahead. Enjoy the ride.
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📈🚀 Trade Update: Hope you jumped in on this one and made a massive profit!🚀💰
Trade closed: target reached