EURCAD Formed Head & Shoulder For Short Trade.EURCAD is consolidating in a fixed range. Now, we may see a breakout from the consolidation pattern, as it formed a head and shoulder pattern (as shown in the chart). According to chart pattern analysis, we might see a downside in EURCAD. One can initiate short trade with risk management and stop loss.
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Eurcadanalysis
EURCAD accumulating, LONG on buy and retest#EURCAD (1H):
As expected, the current region saw the price accumulating in a small range, right above the daily descending wedge top. A break and retest to the upside is what i'm looking for. A further confluence would be the previous H&S retest, which hasn't occurred yet.
Forex Forecasts: Buying opportunity on the EURCADThe EURO / CANADIAN DOLLAR pair is moving inside the falling wedge pattern in the long term and the pair is near the upper side of the pattern, while on a 4-hour frame the pair was able to form a smaller descending wedge pattern whose upper side overlaps with the upper side of the larger wedge.
Thus, the breakout of the two models and the pivot point 1.5563 is a strong opportunity to buy the pair with the first target 1.5563 and the second target 1.5757.
May Still Remain BearishLooks like we're staying bearish until we can break the trendline above. Not sure how much higher we'll get since it looks like we've met the lower high last week or close to it. So I am going with the flow with this pair.
BULL TPS:
• 1.55870
• 1.56543
• 1.57307
BEAR TPS:
• 1.55227
• 1.54812
• 1.53894
EURCAD | perspective for the new weekSince a successful Breakout on the 12th of Nov. 2020, Price found Demand zone @ CAD1.54800 eight good times before finally finding the momentum to Break out off Bearish trendline @ CAD1.55100 towards the end of the trading session on Friday to make a Bullish statement.
Tendency: Uptrend (Bullish )
Structure: Trendline | Supply & Demand
Observation: i. Price continues to respect Bullish Trendline on the Weekly chart to emphasize the prevailing direction of price.
ii. Price rejects CAD1.54800 level eight times since on the 16th of Nov. 2020 to finally Breakout off Key level @ CAD1.55200 which also coincides with Breakout off the Bearish trendline.
iii. Key Level shall remain a yardstick for buying option for me in the coming week.
Trading plan: BUY confirmation with a minimum potential profit of 120 pips.
Risk/Reward: 1:5
Potential Duration: 1 to 3 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
EURCAD short trade ideaPlan: support level breakout --> wait for the price to bounce off from resistance level --> wait for the rejection candle pattern to form e.g. bearish engulfing, pinbar, etc --> SELL
**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together.
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Thank you for your support ;)
GWBFX
EURCAD - Buy - Daily ChartEURCAD - Buy - Daily Chart
Buy @ a Pull back to 1.53546 or a Break of the 1.541581 level
Stop Loss @ 1.52951 for Break of the 1.541581 level
Stop Loss @ 1.52572 for a Pull back to 1.53546
Take Profit @ 1.56614
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Wishing you successful trading 🙏
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🔺 Disclaimer! The content of this analysis is subject to change at any time without notice.
🔺 It is provided for the sole purpose of assisting traders to make independent investment decisions.
🔺 You must do your own research to create your own trading plan for the market.
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