EURCAD Support n Resistance 251019 (continued)
MTF breakdown to look at the price pair through a bullish or bearish lens for direction.
Monthly Bullish since Aug 2012 -> could be turning Bearish. It is only confirmed bearish if Jan '17 lows are taken out (thereafter retested and rejected)
However, price broke rising trendline. If trendline is retested and rejected, there is a good chance of more downward movement in the next few months Even if it starts to range from here onwards.
---------------------------------------------------------------------------
Weekly Bearish - Lower Highs for some time. Prices dropped below prominent strong support (red line) and retested, rejecting it, making it a resistance now.
------------------------------------------------------------------------------
Daily Ranging (under Bearish influence from HTF) - *Do note Bullish bars coming in at certain levels but loses momentum still forming lower highs.
Therefore, for those not in the trade. If prices can break below our current TPZ1 (and also a support; *see previous trade idea in the link below) look for a retest of this zone to enter to TPZ2.
Hope u liked this analysis.
Monthly Bullish since Aug 2012 -> could be turning Bearish. It is only confirmed bearish if Jan '17 lows are taken out (thereafter retested and rejected)
However, price broke rising trendline. If trendline is retested and rejected, there is a good chance of more downward movement in the next few months Even if it starts to range from here onwards.
---------------------------------------------------------------------------
Weekly Bearish - Lower Highs for some time. Prices dropped below prominent strong support (red line) and retested, rejecting it, making it a resistance now.
------------------------------------------------------------------------------
Daily Ranging (under Bearish influence from HTF) - *Do note Bullish bars coming in at certain levels but loses momentum still forming lower highs.
Therefore, for those not in the trade. If prices can break below our current TPZ1 (and also a support; *see previous trade idea in the link below) look for a retest of this zone to enter to TPZ2.
Hope u liked this analysis.
Trade active:
Using the previous impulse leg; we could expect a larger pullback to fib38.2 ie 1.4541 (blue line as indicated by new arrow in below picture.) instead of a pullback to just TPZ1 as indicated in original idea although a pullback to TPZ1 is also in confluence with Fib23.
Watch out for PA and if position is taken at TPZ1 as per original area, please cater SL to be well above the 1.4541 region.
Watch out for PA and if position is taken at TPZ1 as per original area, please cater SL to be well above the 1.4541 region.
Order cancelled:
Bullish candle, volume and momentum showed up. Trade setup cancelled.