Update – Setup invalidated.
Hi Traders! We have EURCAD bearish opportunity forming at the moment. A detailed analysis of this sell setup is as follows:
EURCAD Daily Chart:
On the daily chart the price is moving inside a triangle pattern and is respecting it so far. Currently the price has reached the top of this pattern, if we didn’t get a valid breakout here we may then expect the price to respect this pattern and move lower again. The price has also created two false breaks at the top of this pattern which we may consider as evidences of bearish pressure. We may now look for more evidences of bearish pressure on lower timeframes in order to join the bears.
EURCAD H1 Chart:
On the H1 chart the price has currently reached a critical zone and in addition to this we also have bearish divergence which we may consider as evidence of bearish pressure. We also have a good uptrend line that has formed, hence if the price moves lower and breaks below this trend line we may then start looking for sells with more bearish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
If you want to learn how to do such analysis yourself, if you are looking for a professional team of traders and one of the best online trading communities, If you are looking for enormous archive of Webinars, Trading Tools, Trading Strategies, Books, Indicators, Expert Advisors and much much more, join my traders academy club for only $197 PER YEAR.
Also you can get one of my strategies free of charge. You will find all the details here
Yours to your success