EURCAD's Price Action shows potential bullish move
Updated
Greetings Traders,
It is a pleasure to reconnect with you following a brief break.
Here is my EURCAD analysis.
EURCAD ANALYSIS
Taking a long-term view, it is apparent that the EURCAD has been experiencing an upward trend, as evidenced by its movement within an ascending channel.
Notably, between April 17th and 26th, there was a substantial rally of approximately 500 pips, resulting in the attainment of the month's highest price (1.51099). However, after reaching the March high, a bearish harmonic reversal pattern (referred to as a crab) appeared, prompting significant selling pressure, which caused the pair to drop until May 1st. On May 4th, the pair experienced a rally to the 1.50974 region, creating a relative double top pattern, followed by a significant decline.
Currently, a bullish reversal harmonic pattern (bullish bat) is formed, and it is anticipated that it will prompt a significant bullish pressure towards the supply zone at 1.50770. My short and medium term targets will be 1.48039 and 1.49274 respectively.
It is a pleasure to reconnect with you following a brief break.
Here is my EURCAD analysis.
EURCAD ANALYSIS
Taking a long-term view, it is apparent that the EURCAD has been experiencing an upward trend, as evidenced by its movement within an ascending channel.
Notably, between April 17th and 26th, there was a substantial rally of approximately 500 pips, resulting in the attainment of the month's highest price (1.51099). However, after reaching the March high, a bearish harmonic reversal pattern (referred to as a crab) appeared, prompting significant selling pressure, which caused the pair to drop until May 1st. On May 4th, the pair experienced a rally to the 1.50974 region, creating a relative double top pattern, followed by a significant decline.
Currently, a bullish reversal harmonic pattern (bullish bat) is formed, and it is anticipated that it will prompt a significant bullish pressure towards the supply zone at 1.50770. My short and medium term targets will be 1.48039 and 1.49274 respectively.
Trade closed: stop reached
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