EUR/CAD short term bias with a very different long term bias
Looking at the long term weekly chart: Price is close to reaching major support. This level has been respected several times indicated with the white line. The last several weeks price has bounced off this major support level. Price has been making a lower highs each time it bounces indicated with the blue arrows.
Looking at the 240 min. chart: A long Bat pattern will complete if price crosses the major weekly support level and reaches 1.4448.
In the short term: I believe price will respect the weekly support level but making a lower high from the previous highs.
I will be long if price touches 1.4448, with stops just below previous lows and targets at 1.4568. I chose this target because overall big picture trend is down.
I believe in the near future, in the coming weekly price will violate major structure support. I will be short once price violates and closes on the weekly chart.
Looking at the 240 min. chart: A long Bat pattern will complete if price crosses the major weekly support level and reaches 1.4448.
In the short term: I believe price will respect the weekly support level but making a lower high from the previous highs.
I will be long if price touches 1.4448, with stops just below previous lows and targets at 1.4568. I chose this target because overall big picture trend is down.
I believe in the near future, in the coming weekly price will violate major structure support. I will be short once price violates and closes on the weekly chart.
Comment:
Please ignore the vwap indicator. I use this for futures trading.