Short

EURCAD SHORT TO 1.38000

Updated

EURCAD have been on the rise since August 2022, and now approaching the highs of 2022, what are my expectations?
We can see that above the 2022 highs, there is a weekly imbalance I labelled, so price might get to that highs before going bearish, remember that the first leg of the M formation, formed on December, so this will be our second leg. So we expect this move to flow to 1.38000
Why shorting?
There on the monthly timeframe, there is a high resistance zone we are currently on and we expect continuation of trend to the downside.

Please do share, and give a follow to support.

Note

Price just took out 2022 highs, now just the weekly imbalance to be filled then we sell today or tomorrow probably

Note

Expecting some bullish move at current price H4, so it goes bullish to clear the weekly imbalance before it falls.

Note

Price is creating a rising wedge on the fours timeframe, and I assume we all know the wedge as a continuation pattern, so this might just go on to fill the weekly imbalance, which is the black line.

Note

We still expect the weekly imbalance to get filled, let's look at the H4 timeframe and we can see that price just broke a resistance zone which price will use as a support zone for a bullish move to the weekly imbalance.

Note

Price is approaching the year highs

Note

Let's watch price movement tomorrow for the NFP reports, if it gets to tally with our analysis.

Note

Price went to fill our weekly imbalance and we can spot a evening star formation, is the bears about to take over? We will get to confirm it's bears trend first before joining the train.

Note

The bears is confirmed, let's hit below.

Note

Seems like price is heading to give a second leg of an M formation after which price will start setting to the downside, we are still selling. Note that.

Note

The second leg is formed, the sell, might happen anytime now.

Note

Complete leveL ON H4, STILL HOLDING MY SELL BIAS

Note

We selling

Note

We moving

Superstarsony_05

Also on:

Related publications

EURCAD LONG

by Superstarsony_05

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.