EURCAD (8H) DOWNTREND
The EURCAD remains bearish as price respects lower pivot highs and holds below critical moving averages, confirming the ongoing downtrend.
RESISTANCE
SUPPORT
TREND
OSCILLATORS
MOVING AVERAGES
- Sell Entry Zone: 1.4974
- SSO @ 1.4890 ⌛️, add-on
- TP1: 1.4865
- TP2: 1.4773
- TP3: 1.4705
- TP4: 1.4601
- Watch the demand zone (1.4576 - 1.4486) for a potential bounce or consolidation.
- Buyers might emerge around the 1.4852 - 1.4773 range as indicated by some bullish moving averages.
- Oscillators highlight that price is neither strongly overbought nor oversold, leaving room for further bearish continuation or temporary consolidation.
- Enter near 1.4974 with stop-loss above 1.5032.
- Target TP levels in sequence as price moves lower.
- Monitor the 1.4576 - 1.4486 demand zone for bullish price action signals.
- Place conservative buy orders only if the price confirms a strong reversal.
RESISTANCE
- Major resistance is observed at 1.5060 (Sell Stop Loss), with a significant supply zone near 1.5032, which aligns with previous pivot highs.
- Another intermediate resistance is noted at 1.4974, marking the latest sell order entry point.
SUPPORT
- Minor Support (1D): 1.4785, coinciding with the first take-profit level.
- Further support at 1.4773 (Mid Pivot TP2) and 1.4705 (Sell Order TP3), with an ultimate TP4 at 1.4601.
- A potential demand zone exists between 1.4576 and 1.4486, signaling a possible reversal area if the downtrend extends further.
TREND
- Price has consistently failed to breach resistance levels, consolidating below the 1.4974 zone, which acts as a sell-entry trigger.
- The chart confirms strong selling pressure with each pivot high and "DT Signal" (Downtrend Signal) leading to new lower lows.
OSCILLATORS
- The majority of oscillators indicate a neutral sentiment, but momentum indicators show bearish pressure building up:
- Momentum (10): At -0.00838 (Sell), confirming downward pressure.
- MACD Level (12, 26): Shows a weak bearish crossover at 0.00040 (Sell).
- Bull Bear Power: At -0.00189 (Sell), reinforcing selling sentiment.
MOVING AVERAGES
- Exponential Moving Averages (10, 20, 50, 100): All indicate selling pressure with prices trading below these levels.
- Simple Moving Averages (10, 20, 100): Confirm the bearish outlook.
- Simple Moving Averages (30, 50, 200): Indicate possible support on larger timeframes.
- Exponential Moving Average (30): Signals short-term buy potential around 1.49066.
- Hull Moving Average (9): Indicates short-term buying sentiment near 1.48533, suggesting price consolidation before further movement.
Note
Long Term Position Traders
📉 This chart reflects a BIG PICTURE downtrend
📈 Manage your positions during the UT retracement
Swing Traders
📈 I see an Uptrend Retracement based on the 6H timeframe
⚠️ STANDBY FOR AN UPDATED CHART
Note
Note
CORRECTION:
Swing Traders
📉 This chart (ORIGINAL POST) reflects a downtrend retracement
👨💻 Manage your positions around support levels
📈 One of these Support Levels will cause the return to the BIG PICTURE UT
Long Term Position Traders
📈 PA appears to be returning to an Uptrend based on the 6H
⚠️ THE ABOVE IMAGE IS AN UPDATED CHART
Professor C. E. Ward
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Professor C. E. Ward
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.