Conclusion for today’s EURCAD technical analysis:
A bearish bias is favored that should see the EURCAD sell off with a minimum expectation of price reaching 1.49380
EURCAD analysis for today is examined using the 1 hour timeframe candlestick chart. April 01, 2019 to current date is considered in this analysis for the FX pair, with a bullish trend ever since a price low of 1.49041 was achieved on the first of April.
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Price action from April 12, 2019 to April 17, 2019 presents a bearish chart pattern formation for the EURCAD known a complex head and shoulder top pattern. “Complex” in this case because of the presence of more than one left shoulder “LS” and also right shoulders.
Confirmation of the intraday bearish pattern on the EURCAD chart did occur on April 17 as price closed its neckline. Also indicated is the 50 Moving average and 200 Moving average of 1 hour candles for the EURCAD to track the movement of price.
The 50 and 200 currently hovering over ~1.50598 indicate a price level that should be monitored closely as it can serve as a pivot for the next price swing…..
Other advanced techniques and use of intraday patterns with respect to higher time frames are provided here to members or subscribers only.
Projection in order to estimate a minimum expectation for price involves measuring from the head of the pattern to the neckline and then projecting the distance below the neckline of the pattern.
1.49380 is an approximation of the sell off expected in the EURCAD when the above projection is carried out.
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