POSSIBLE UPSIDE FOR THIS PAIR?
- PREVIOUS 4 HOUR CANDLE DID NOT CLOSE BELOW SUPPORT LEVEL
-1.147850 HAS BEEN TESTED WELL AND IS HOLDING STRONG
- ENTRY ON BREAK AND RETEST OF BROKEN TL
- IMPORTANT TO SEE HOW AND WHERE NEXT 4 HOUR CANDLE PRINTS
Pair is currently forming a bearish head and shoulders pattern. If price breaks below the patterns neckline, I will be waiting for a pullback back to the broken neckline before put on any sell orders.
Plan your trade, trade your plan and good luck in the markets.
With oil prices predicted to rise we can see that EURCAD has recently finished bearish retracement so it is a high probabilty that price is decline as demand for the loonie increases, driving price down.