glennmercer
Short

EURCAD Short: Bat + Fib Cluster in S/R Zone

FX:EURCAD   Euro Fx/Canadian Dollar
EURCAD             is nearing the PRZ of a bearish Bat in a heavy S/R Zone. The SMA200 and EMA200 lines have been tested showing weakness. If price should complete the bearish bat this would present an opportunity to go short back toward the moving averages . An important .618 fib level from structure high to structure low aligns precisely with the .886 bat completion level and a Fibonacci cluster. Entry is placed at the bottom of the PRZ with SL above 1.13XA and target at .618CD.

Confluence in the PRZ:
  • Bearish bat
  • Retest of EMA200 and SMA200
  • Strong S/R Zone
  • Highly confluent Fib cluster
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