EURCAD HS
Updated
Head and shoulders pattern with a low right shoulder, price is respecting the trend of the shoulder. I would not be surprised for a few days of up action, but unless there is a break of the shoulder trend, I will be taking short trades (very careful ones though). Note the break of previous structure and strong bearish candlesticks.
Note
Upon viewing the hourly, I wouldn't be surprised to see a little upwards action short term. If price breaks and stays above 1.44269 I will be trading long with a target of 1.45 and look for a short entry after.Note
Coming up on a pretty key resistance level, if I were long, I would place a tight stop to the channel we are in on the hourly.
Related publications
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.