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RiverThink

EURCAD H4 Sell Setup Identified

Short
Euro / Canadian Dollar (FX:EURCAD)  
RiverThink  
FX:EURCAD   Euro / Canadian Dollar
Trend Analysis Harmonic Patterns Chart Patterns EURUSD EURCAD Forex Technical Analysis
12
0
trendanalysis harmonicpatterns chartpattern eurusd eurcad forex technicalanalysis
For this setup we have:

-Supply zone
-Trendline resistance
-Major 50.0 Fibonacci retracement
-Minor 61.8 Fibonacci retracement
-Minor 161.8 Fibonacci extension
-Bearish divergence

Based on the technical setup that has been identified it makes a strong case EURCAD weakness, another key point of confluence for this setup is that Oil has found support at a significant technical level, therefore if Oil prices continue to rise, we should expect CAD strength.

Aggressive SL: 1.47280
Conservative SL: 1.47670

TP1: 1.45790
TP2: 1.45370
TP3: 1.44920
TP4: 1.44150

Please feel free to send me a message in regards to any questions, feedback or suggestions that you may have.

Enjoy!
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