EURCAD Double Bottom
EURCAD has been in a Range Low for the last 16 days.
A Possible Corrective Movement may be present next week.
REASONS FOR CORRECTION
1. Pattern - Price has made an Equal Double Bottom with 2 important Hammer Candlesticks on the 13 July and 27th July.
2. PIVOTS - Price is overextended and has been supported by the Monthly S3 Pivot. Buyers have not allowed a close below 1.30. Fair Price lies at the Monthly Pivot of 1.35.
3. DIVERGENCE - There is a Price (Equal Low) Momentum ( Higher Low) Divergence present which is Bullish.
4. MEAN REVERSION - The Kijun Sen sets the Midterm Equilibrium Price of the market. Price has not touched this level in 23 candles. This would suggest a high likelihood
of price reversion to the Kijun Sen in the next 3 trading days.
PRICE MOVEMENT
Likely to prior structure which may offer resistance at 1.34. This pullback could then set the market up for the next Impulsive Movement to the downside to the Monthly S4.
A Possible Corrective Movement may be present next week.
REASONS FOR CORRECTION
1. Pattern - Price has made an Equal Double Bottom with 2 important Hammer Candlesticks on the 13 July and 27th July.
2. PIVOTS - Price is overextended and has been supported by the Monthly S3 Pivot. Buyers have not allowed a close below 1.30. Fair Price lies at the Monthly Pivot of 1.35.
3. DIVERGENCE - There is a Price (Equal Low) Momentum ( Higher Low) Divergence present which is Bullish.
4. MEAN REVERSION - The Kijun Sen sets the Midterm Equilibrium Price of the market. Price has not touched this level in 23 candles. This would suggest a high likelihood
of price reversion to the Kijun Sen in the next 3 trading days.
PRICE MOVEMENT
Likely to prior structure which may offer resistance at 1.34. This pullback could then set the market up for the next Impulsive Movement to the downside to the Monthly S4.
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