EURCAD Weekly Technical Outlook
The EURCAD market rejected the resistance zone around 1.55120 and has disposed southward on the weekly time frame. After a retracement of the most recent downward swing to the 38.2/50 Fib zone, last week, price action printed a bearish pinbar at a broken-down support area. We can expect a bearish continuation this week, and an initial target being the 1.48400 handle.
The daily time frame showed that price action printed a bearish engulfing candlestick last week Thursday. On Friday, bulls attempted to take price action northward but failed, resulting in a doji-candlestick print. This was apparently a attempted retracement before a southward turnaround. I expect bulls to move price action a bit northward to around the 50/62.8 Fib of the bearish engulfing candlestick formed on Thursday before a southward turnaround. I am bearish EURCAD.
I may be wrong. Trade safe and prosper.
KP
The EURCAD market rejected the resistance zone around 1.55120 and has disposed southward on the weekly time frame. After a retracement of the most recent downward swing to the 38.2/50 Fib zone, last week, price action printed a bearish pinbar at a broken-down support area. We can expect a bearish continuation this week, and an initial target being the 1.48400 handle.
The daily time frame showed that price action printed a bearish engulfing candlestick last week Thursday. On Friday, bulls attempted to take price action northward but failed, resulting in a doji-candlestick print. This was apparently a attempted retracement before a southward turnaround. I expect bulls to move price action a bit northward to around the 50/62.8 Fib of the bearish engulfing candlestick formed on Thursday before a southward turnaround. I am bearish EURCAD.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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