• Oct 15, 2024
  • Trade ideas

EURCAD: Bears Await Rejection

EURCAD – H3 Timeframe

EURCADH3.png

EURCAD on the 3-hour timeframe has printed a double break of structure pattern. This pattern is a high-probability reversal pattern, that could lead to price reversing from the supply zone at the 88% of the Fibonacci retracement - good news for the bears. The confluences for this bearish sentiment are;

  • The bearish double break of structure;
  • Rally-base-drop supply zone;
  • 88% of the Fibonacci retracement.

Analyst’s Expectations: 

Direction: Bearish

Target: 1.49190

Invalidation: 1.51754

TRY TRADING NOW

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Adetola-Freeman Ogunkunle