EURCAD Bearish Divergence, yet Longing Chances Too 07/02/2021
Updated
this instrument has got two scenarios
seem bearish to our eye as it has done its Distribution after showing some Regular Bearish Divergence with MACD which is the sign of trend reversal and a retracement unto the Fibonacci Golden areas but it is conditioned to break the blue trend line and if so the we can have our 2 bearish TPs...
if not
then we have the Bullish scenario which we can target Minimum of 1.71 CAD of our Fibonacci expansion .27% where we have specified it as Long TP.
Remember it is on the Weekly time frame so we may need to be more focused on fundamental of the market to get the grip of our Final decision and use the technical chart as a confluences along with it...
we are having mostly Bearish sentiment on this but we kept the Bullish back door open yet
which side do you think it goes?
seem bearish to our eye as it has done its Distribution after showing some Regular Bearish Divergence with MACD which is the sign of trend reversal and a retracement unto the Fibonacci Golden areas but it is conditioned to break the blue trend line and if so the we can have our 2 bearish TPs...
if not
then we have the Bullish scenario which we can target Minimum of 1.71 CAD of our Fibonacci expansion .27% where we have specified it as Long TP.
Remember it is on the Weekly time frame so we may need to be more focused on fundamental of the market to get the grip of our Final decision and use the technical chart as a confluences along with it...
we are having mostly Bearish sentiment on this but we kept the Bullish back door open yet
which side do you think it goes?
Trade active
Bearish Divergence is ActiveShort it to the Specified TP
Trade closed: target reached
Trade closed: target reached
1 TP Achieved
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