As we can see on chart that trend line is falling wedge and market is touching it, so in this way we can assume that market will fall from here. Keep money management.
EURCAD bearish engulfing on trendline
EURCAD Short- Triangular resistance. Tight stop good target
Today price has tested a daily trendline which is in confluence with the 200ema and has showed rejection of this zone, but there is a secondary zone delimited for two trendlines 4 hour timeframe giving an extended zone around 1.5165 & 1.5190. So, keep an eye be patient and remember tomorrow is friday (trap day) and maybe this will be a good setup for next week.
Price is now testing the major descending trendline where I will be monitoring for a "break or bounce" scenario either a breakout to the upside, or rejection off the trendline back to the downside. Big day tomorrow with the G20 meetings along with GDP numbers for CAD could be a volatile day.
EURCAD is one of the many opportunities UJ seasonality offers. My guess it will launch at Sydney open with the volumes the Sydney stock market will inject in the market.
EURCAD downtrend on daily chart A triangle + a butterfly is formed on H4 I will sell - to the level of 1.4960 In short positions you can take profit already 1.5030 ( 100 pips ) SELL LIMITD at the level of 1.5190 SL - 1.5250 Write comments and subscribe to my updates!
Annotations on chart
Trading Criteria: Regardless which way you want to trade, look for minimum five 4hr. candles in consolidation zones (yellow border boxes), or five daily candles for solid yellow boxes. If you're a pattern trader or pinbar trader, this might be useful here. Wait for the breakout of the 4hr. consolidation or daily consolidation from red border boxes to take the...
EurCad has now approached a key resistance level. I believe now would be a great time to enter for sell orders. Sell price: 1.50888 Take profit: 1.49738 Stop Loss: 1.5100 Lets catch these pips!
wait for a bullish price action confirmation.
EURCAD potential Bearish flag at the 0.5 Fib retracement . Keep tight stops. potentially 10-12 pips. If it goes above 0.5 retracement this flag and bearish outlook may change.
The pair is near a resistance level and we expect it to fall down! Good luck and Trade Green! :)
Every day I am going live pre London with the best setups I see in the market at this moment
EURCAD is approaching its support at 1.4967 (61.8%& 100% Fibonacci extension, 50% & 61.8% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.5079 (61.8% Fibonacci retracement, horizontal swing high resistance). Stochastic (89, 5, 3) is approaching its support at 5.8% where a corresponding bounce could occur.