Markets usually exhibit the same behavioral patterns over and over and we can see this clearly on EURCAD as it continues its downtrend.
We saw EURCAD close extremely bearish below 1.31 last month and last week's candle also closed bearish. Higher time frame bias shows a strong sell off in EURCAD.
On the daily chart, we saw EURCAD sell off then sideways range between 1.375 and 1.34 before making another leg lower to 1.3
We then saw the same sideways range cap the pair between 1.33 and 1.3 whilst also consolidate in a potential bearish pennant. Price moved back to mid range and could not go as high as the previous highs at 1.33 which shows weakness in the market. Price also rejected off the 38.3 Fib.
Could this be the start to another leg down as EURCAD continues its downtrend and fulfil the rectangle sideways range as well as the bearish pennant.
One for the radar.
We saw EURCAD close extremely bearish below 1.31 last month and last week's candle also closed bearish. Higher time frame bias shows a strong sell off in EURCAD.
On the daily chart, we saw EURCAD sell off then sideways range between 1.375 and 1.34 before making another leg lower to 1.3
We then saw the same sideways range cap the pair between 1.33 and 1.3 whilst also consolidate in a potential bearish pennant. Price moved back to mid range and could not go as high as the previous highs at 1.33 which shows weakness in the market. Price also rejected off the 38.3 Fib.
Could this be the start to another leg down as EURCAD continues its downtrend and fulfil the rectangle sideways range as well as the bearish pennant.
One for the radar.
Global risk Warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading in CFDs. You should consider whether you understand how CFD
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Global risk Warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading in CFDs. You should consider whether you understand how CFD
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。