Hi Traders! EURCAD special cycle provides buy opportunity for us. A detailed analysis of this setup is as follows:
EURCAD H4 Chart:
On the H4 chart we have a special cycle, it looks like this special cycle is completing itself. Based on the fibo extension levels of the first leg of the two double cycles we have the 161.8 fibo extension level of the first leg of the first double cycle and 61.8 fibo extension level of the first leg of the second double cycle coincides on the same area, thus creating a magnet zone for us. Currently the price has reached this magnet zone, we also have a bullish divergence that has formed which we may consider as a confirmation for bearish pressure. If a bullish reversals happens here, wait for more bullish evidences in the form of false break and trend line breakout. We may then start looking for buys expecting the price to move higher until it reaches the 38.2 – 50% fibo retrace zone.
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 setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
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