Technician
Short

EURCAD : Bearishness Evolves

FX:EURCAD   Euro / Canadian Dollar
917 5 12
In my previous analysis(see link below) for the pair I was looking for a new bearish wave of the resistance zone market above, indeed the price successfully retested and resumed the bearish wave, evolving to a bearish head and shoulders top pattern, and completed the pattern by breaking below the upwards slopping trend line . Accordingly, upside pullbacks remain shorting opportunities, with a stop just above the right shoulder.

Price is trading below my first target for the previous analysis, and am looking for extended targets now following the breakout. Full target of the pattern is around 1.4500.

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alex.a alex.a
But, it preclude EURO will start bear moves... will it???
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Welcome Back alex, long time no see. preclude?
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This was a very defeated level in January. I doubt that the rate will fall through now. I rather expect a retracement to 1.51 first, i.e. the neckline in your chart.
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I agree. Worth looking for a short entry here.
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