EURCAD Range High| Dynamic Support| .382 Fibonacci| Bearish PA
Evening Traders,
Second Analysis – EURCAD – testing dynamic support after a breakdown from swing high, a bearish retest is probable at swing high,
Points to consider,
- Bearish Price Action
- Dynamic Support Respected
- Range High Resistance
- Oscillators Weak
- Range Mid Target
The immediate Price Action on EURNZD is bearish by breaking back into range; this allows us to have a bearish bias on the market.
The Dynamic Support is being respected; breaking this will negate the higher low structure, price is technically still in its apex.
Range high is current resistance that is in confluence with the .382 Fibonacci, a rejection here is probable upon first test.
Both Oscillators are currently weak, below their 50 midpoint, this is indicative of weakness in the market as there is no valid divergence.
Range mid is the immediate target if price decisively rejects from range high
Overall, in my opinion, EURCAD is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work
Second Analysis – EURCAD – testing dynamic support after a breakdown from swing high, a bearish retest is probable at swing high,
Points to consider,
- Bearish Price Action
- Dynamic Support Respected
- Range High Resistance
- Oscillators Weak
- Range Mid Target
The immediate Price Action on EURNZD is bearish by breaking back into range; this allows us to have a bearish bias on the market.
The Dynamic Support is being respected; breaking this will negate the higher low structure, price is technically still in its apex.
Range high is current resistance that is in confluence with the .382 Fibonacci, a rejection here is probable upon first test.
Both Oscillators are currently weak, below their 50 midpoint, this is indicative of weakness in the market as there is no valid divergence.
Range mid is the immediate target if price decisively rejects from range high
Overall, in my opinion, EURCAD is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work