SHORT EURCAD | WEEKLY FORECASTTendency: Downtrend ( Bearish )
Structure: Channel | Support & Resistance | Harmonic (AB = CD)
Observation: i. Trading Channel occurs as parallel trendlines connect price's Support and Resistance levels within 1.54300 and 1.50500 range.
ii. Channel emphasizes the sideways movement in the market.
iii . A Breakdown of 1.52200 from 61.8 retracements at point C might confirm temporary Downtrend continuation to complete AB=CD pattern.
iii . It is worthy to mention that at this juncture, we might be looking forward to a Harmonic pattern as price rallies from a 618 retracement ;
a. Impulse A-to-B expected to be in harmony with the potential B-to-C leg.
b. The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg.
c. The potential C-to-D leg is expected to fall at 127.2 - 1.6184% Fib. ext. of the A-to-B move.
Trading plan: SELL confirmation with a minimum potential profit of 160 pips.
Risk/Reward: 1:2
Potential Duration: 1 to 3 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
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