See below EURCAD Forex cross pair top down analysis supply and demand forecast. The big picture trend on EURCAD Forex cross pair is longs, we are not allowed to sell EURCAD based on a supply and demand trading strategy because there is a weekly demand level in control making price print higher highs.This weekly demand imbalance is located around 1.4695, this level...
Price finally broke that daily wedge pattern indicatign a new possible bullish bias but also we got the following conflunce :
1.Closed above the Wedge
2.B&C above the Mp fib point (38% and 78%)
3.New high formed
4.First daily bullish structure
So if 4h manage to clsoe above 1.5100 in the 4h we should go long
EUR/CAD has been in consolidation on the 8H chart for now 3 weeks.
It's failing to make a move down. Bulls are getting in and preparing for the bullish move thus preventing the pair to make a move down to a lower low.
Leave 80-100 pips SL and double the TP.
You will have to hold this position for arround a week or more.
EURCAD is approaching our first resistance at 1.5033 (horizontal overlap resistance, 61.8% Fibonacci extension, 23.6% Fibonacci retracement) where a strong drop might occur to our major resistance at support at 1.4925 (horizontal swing low support).
RSI (34) is also approaching resistance and ichimoku cloud is also showing signs of bearish pressure.
The pair has completed a harmonic Gartley pattern (pink) and we are predicting the completion of a deep crab pattern (blue. As a part of our strategy we bought the pair at the completion of the Gartley and we are now trading both patterns at the same time. Our target is the 4th leg of deep crab. EUR