Since August, EurCad is trading in a down trend.
The recent leg up seems to be finished and also on a 4h TF we can see a H&S formation
A drop under neckline support could lead to acceleration and a test of previous recent low.
I'm looking to sell this pair
The EURO / CANADIAN DOLLAR pair is moving inside the falling wedge pattern in the long term and the pair is near the upper side of the pattern, while on a 4-hour frame the pair was able to form a smaller descending wedge pattern whose upper side overlaps with the upper side of the larger wedge.
Thus, the breakout of the two models and the pivot point 1.5563 is...
Since a successful Breakout on the 12th of Nov. 2020, Price found Demand zone @ CAD1.54800 eight good times before finally finding the momentum to Break out off Bearish trendline @ CAD1.55100 towards the end of the trading session on Friday to make a Bullish statement.
Tendency: Uptrend (Bullish )
Structure: Trendline | Supply & Demand
Hey traders, here is the analysis for the EURCAD. NOTE - Please do your own analysis before taking the trade. Let me know if you guys have any questions in the comment section. If you guys like my analysis please hit like. Thanks.
Plan: support level breakout --> wait for the price to bounce off from resistance level --> wait for the rejection candle pattern to form e.g. bearish engulfing, pinbar, etc --> SELL
**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent...
Looks like we're staying bearish until we can break the trendline above. Not sure how much higher we'll get since it looks like we've met the lower high last week or close to it. So I am going with the flow with this pair.
EURCAD - Buy - Daily Chart
Buy @ a Pull back to 1.53546 or a Break of the 1.541581 level
Stop Loss @ 1.52951 for Break of the 1.541581 level
Stop Loss @ 1.52572 for a Pull back to 1.53546
Take Profit @ 1.56614
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Possible day trade set up. It's on the watch list for now. Let's see how this play out. The pervious candle was on the stronger side in any care I'd like to see clean a break below the trend line in order for it to head lower.