EURCAD forming a right shoulder
For EURCAD, a inverted head & shoulders pattern is emerging. The neckline resistance (in red rectangle) is clearly visible around 1.3740-60.
If EURCAD retraces to the 50% FIB level, this would coincide with a prior support zone (in green rectangle). This support zone at 1.3390-00 is tested 2 times. Look to enter a long position if EURUCAD pull backs to this 1.3390-00 support area. Hopefully, we may be able to catch the beginning of the formation of the right shoulder too.
Long EURCAD 1.3390-00
SL below 1.3350
TP1 1.3750
TP2 1.4000
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ForexPositive.com
Twitter ForexPositive
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If EURCAD retraces to the 50% FIB level, this would coincide with a prior support zone (in green rectangle). This support zone at 1.3390-00 is tested 2 times. Look to enter a long position if EURUCAD pull backs to this 1.3390-00 support area. Hopefully, we may be able to catch the beginning of the formation of the right shoulder too.
Long EURCAD 1.3390-00
SL below 1.3350
TP1 1.3750
TP2 1.4000
=====
ForexPositive.com
Twitter ForexPositive
=====
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.