I was expecting to take a short on the 4hr here, but it looks like we are seeing a bearish wedge. PA won't continue downwards for long.
My thoughts for this trade This Pair is looking very bullish at the moment. -A couple of Long term (Weekly) Fibonacci -Monthly, Weekly and Daily MA's bullish (My MA's of course) -Daily Break retest and continuation of 1.5000 Monthly Res level. Price ready for entry with liberal stop. I Will see how market opens and potentially wait for price to enter a better...
On this chart you can see a potential future setup of the EURCAD. If you like my post, please take a second and hit that LIKE button.
This is my method on trading. I measure how far price has moved away from its moving average and believe that price tends to get back to equilibrium (or its moving average) similar to a spring's reaction when pulled away from its center.
My simple method of analyzing the currency market. What happens to a spring when you pull it? It wants to come back to equilibrium. Same thing with price. Each time the price moves too far away from its moving average, it will want to return back towards its moving average. Reach me on TV to talk :) See you in the chatrooms!