Updated EURCAD analysis, previous one was incorrect, for me at least. Price has broken down below the upward trend line and confirming descending channel. Stops above supply zone, target bottom of channel
****Do not trade setups without extra confirmation from candle sticks or checking lower time frames****
Follow me and like for more free trade setups!
Feel free to join my free telegram setups channel for more frequent updates and setups!
Please share your comments below, I am open to questions and will respond.
EURCAD chart pattern:
FX:EURCADFalling Tight Channel - Three Lower Lows followed by Double Bottom - Big Bullish Trend - Falling Wedge - Tripple Bottom - Big Bullish BO
Long set up for TGT 1.4980 SL 1.4725
Here is a look at the EURCAD with a consideration of a long term ABC pattern.
The first leg , the A wave , was an impulsive move from 1.75 to 1.21.
Then a consolidating wedge from 2012 to present - with 5 waves that may of completed in mid 2018.
The present wave down has reached trendline support and have broken and retested the 200 MAV.
Its watch and wait...
EURCAD has just broken a minor downtrend on H1 & H4 Chart.
- Broken Trend Line, waiting for retracement back to Major H1 support level( 1.44784 ) & EMA 200 as EMA was also broken through.
- H4 Fibonacci level 0.5 has been rejected once.
Am not going to comment on the fundamental side of EUR&CAD as am not familiar with it, technical wise we might be seeing a...
Here looking for longs in green areas. I don't like to predict which one is more probable, I'll just monitor it and act accordingly.
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
EURCAD is approaching significant demand zone.
The market is currently trading within the falling wedge pattern.
If bulls break and close above the resistance line of the wedge,
for us, it will be a perfect signal to long the market.
Stop below the lowest point of the wedge.
T1 - 1.485
T2 - 1.495
Excelente confluencia de señales para entrar en corto para un buen swing trade. Rompimiento de tendencia alcista, pullback en nivel 50 de fibbo y formación las ultimas semanas de una tendencia bajista en crecimiento.