WinkyTwinki
Long

EURCAD long setup for potential big move

FX:EURCAD   Euro / Canadian Dollar
29 1 2
EURCAD             has just tested good multi-month support at 1.3750 today. This line acted as support in Jan and as resistance in Mar to May. A clean inverse H & S pattern can be seen in the daily chart as well, where this line coincides with the neckline. The H & S pattern and neckline retest signals a long-term trend reversal, which can take out June high and 2015 high and develop into a new bullish trend . Today's close may form a hammer candlestick pattern, which adds strength to this bullish view.
On a lower timeframe a descending triangle pattern with a false breakout is seen. For a good entry, wait for price to break out upwards, then wait for a potential pullback back to the descending trendline and long from there.
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