EUR/CAD IS IN A MINOR BEARISH TREND CHANNEL

بواسطة PioTheFx

تم تحديثه

ملاحظة

تم فتح الصفقة

I have opened a position as above.

ملاحظة

If price retract toward the 1.51250 or fails to break the blue level (0.786 Fib) it would be a concern to my position.

تم فتح الصفقة

The support level 0.49000 should also be watched for signs of double bottoms or head and shoulder reversal signals, if this fails, a further move would be expected.

تم فتح الصفقة

Despite price being in a current bearish trend channel (green bounded), it is a minor channel for the major channel (blue bounded) and thus its support should be watched for signs of giving support

ملاحظة

On the daily chart, bullish retracement is still low to approve for the complete reversal of my position. This is due to the very strong bearish engulfing candle on Thursday last week. Although I will keep an eye on how this plays out.

ملاحظة

Price has kept on being rejected at 0.51000 psychological level.

ملاحظة

A Head and Shoulder pattern might be in formation on the EURCAD

ملاحظة

I have decided to stay on the side line because the right shoulder has been overly extended to imply the there is still a huge un decision.

تم فتح الصفقة

In my opinion, the Head and shoulder pattern has failed as the right shoulder has been over extended. Thus price is confined in a channel. Currently the Fib level 0.786 is my bearish signal if breached and 0.61 for bullish signal.

ملاحظة

Despite on being rejected, price has kept on being rejected at the channel resistance, and thus not truly broken the rectangle yet.

ملاحظة

Price breached the channel resistance and paused at 0.52019 resistance level making a retracement and now heading to the level.

PioTheFx

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