Description in chart ...
Price retest the neckline at the structure and make double top. you can short now or wait until rising wedge broken
Price most likely will go back to the bottom of channel before making a decision on direction. A break of the counter trend line will send this pair to resistance. CAD news in the morning lets see how this plays out..
Here I have identified an opportunity to grab a short position on the EUR/CAD with today being a major economic day for the USD I believe it will trigger a shift in the Euro zone.
Currency pair - EUR.CAD Chart timeframe - 15mins Area of interest - 1.5018 & 1.5040 Chart pattern - Bearish Cypher Potential target 1 - 1.4986 Potential target 2 - 1.4967 Potential extended target - 1.4952
Bearish wedge breakout. Going to short the pin bar. Setup bar H - 1.49512 L - 1.49200 Difference of .00312. Entry 1% short at a break of the low, 1.49195. Stop at 1.49519. Difference of .00324 pips. T1 - 1.48871 T2 - 1.48547. Since I'm only risking 1% I'm only trading to T1, if I could risk 2% I'd put 1% on T1 and trail the other 1% to T2. Good luck! ...
Price broke its daily support now turning resistance, & broke out of its flag pattern. Expecting another wave down to next daily support level / daily wedge uptrend line.
EURCAD broke the moving average, suggesting a potential trend change. This in tandem with September's monthly bear candle gives me enough reason to believe a down trend is about to begin. My orders are placed at fibonacci retracement levels 1.0, 78.6, 61.8, 50.0, 38.2, 23.6. and 0.0. Each order contains a 30 pip stop loss and no take profit target. These...
Based on the long-term market structure, we're showing signs of Divergence on the MACD indicator. Also nearing the tops of the channel. We're uptrending for the next months, but the price should start to reverse once it reaches close to ATH levels. Unless something changes, we'd have to re-visit the chart. But until that happens, this is my outlook.
With the fundamentals this week several patterns were prematurely played out. I am watching this on the 4 hour timeframe to conclude if its a valid trade or not. Will provide an update soon.