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EURCAD: Shorts to 1.52000?


Weekly Time Frame: Starting on the higher time frames, we can see that price is testing previous areas of weekly resistance. By reading the candles we can see we have signs of rejection around this 1.56000 key psychological resistance.

 

Daily Time Frame: Scaling down to the daily, we can see how yesterdays close was bearish and managed to engulf previous daily closures in confluence with the potential head and shoulders formation.

 

4Hr Time Frame: Going down to the 4Hr, we can see that price is creating a double top formation in confluence with this weekly resistance. By reading price action we can see that price managed to break the trend line and retest on the other side as resistance. If price manages to hold below this 1.56000 key zone then, anticipate shorts down to 1.54000 & 1.52000 key zone. However, if price manages to snap above this zone then, we can see longs to 1.60000 key psychological. Due to uncertainty of market fluidity, risk management is highly recommended.

 

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