Hi Traders! EURCAD bearish opportunity update and follow up is here. In the previous post here I mentioned “On the H4 chart we have a potential double wave up that is forming at the moment. We have a critical zone that has formed based on the fibo level of the cycle and the top of the daily triangle pattern. We may now expect one more push higher from the current zone towards this critical zone with bearish divergence to form, we may then start looking for more bearish evidences in order to start looking for the sells”. Lets see how this setup has developed now.
EURCAD H4 Chart:
On the H4 chart the price moved exactly as per our plan, the price provided one more push higher from the current zone towards the critical zone. In addition to this the price has also created a bearish divergence, which we may consider as an evidence of bearish pressure. Until the critical zone holds, my view remains bearish here and we may now look for more evidences of bearish pressure in order to join the bears.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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