TomProTrader
Short

EURCAD broadening wedge

FX:EURCAD   Euro / Canadian Dollar
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Broadening wedge found on EURCAD . Recently hit 1.618 of the fibonacci extension . It is also in a critically overbought condition on the stochasticRSI indicator.

Certainly on a temporary level it's a good shorting opportunity, and obviously on the eventual breakout of the ascending broadening wedge there will be a high probability shorting opportunity also (if it breaks below the wedge )

The buy and sell signals on the stochastic RSI have so far been rather reliable, and these buy and sell signals line up with the support/resistance areas of the broadening wedge pattern.

Be aware that this pattern can breakout either way!
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