EURCAD Weekly Overview: Potential Bullish Crab Pattern
Our latest medium-term trade was short by the breakout of the rounded top neckline at 1.46100.
The price hit TP2 at 1.45600. The structural target of the pattern is 1.45260 as we mentioned in the chart.
We see a potential Bullish Crab Pattern in H4 Chart. The pattern would be validated at 1.4507. ABCD 1.618 extension is at 1.44800. Those levels can be used as a buying opportunity with intraday trading purposes. – We have updated the live charts and entry notification will be sent to members –
As we have mentioned in our previous forecast, the pair entered into the Bear Market.
Our latest short trade which was executed at 1.49600 is still open. We wait for price to hit the structural target of the pattern at 1.42800.
As shown on the weekly chart – Live Interactive Charts -, A weekly closing below 1.42800 will trigger the new bearish move. Our long-term targets are 1.41600 1.40200 and 1.38300. ( BoC’s Monetary Policy will determine the longer term direction of the pair since ECB is not expected make any change in its easing Monetary Policy medium term )
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