EURCAD is NOT a reversal, yet...
Updated
Alot of traders on here are calling EURCAD a short play. As of now, it's not. This chart shows what should have happened if it was ready to fall. We'll have to drop & hold below the 1.54855 area before calling this a short. For now, the Bulls are still in control.
The Weekly is in an uptrend & the Monthly bar is just in a pullback. If it closes above this area by April, there wont be much resistance until 1.69000. A new high could easily be made if we remain above this area. The monthly is in a Reverse Head & Shoulder's pattern, signaling Bullish momentum.
The weekly is also above my 369 EMA, meaning price has been bullish all year, recovering all of the previous year's selloff.
The daily is simply in consolidation, a prime area for retail traders to get shaken out of the market by institutions who are just taking short term profits, waiting to buy up retail positions.
The Weekly is in an uptrend & the Monthly bar is just in a pullback. If it closes above this area by April, there wont be much resistance until 1.69000. A new high could easily be made if we remain above this area. The monthly is in a Reverse Head & Shoulder's pattern, signaling Bullish momentum.
The weekly is also above my 369 EMA, meaning price has been bullish all year, recovering all of the previous year's selloff.
The daily is simply in consolidation, a prime area for retail traders to get shaken out of the market by institutions who are just taking short term profits, waiting to buy up retail positions.
Note
IF WE FAIL 1.55000 AREA, THAT WOULD BE THE SELL ZONE
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