Eur/Cad is expected to reverse soon like it did the last 4 or 5 times price has entered this area as highlighted on the chart with the green arrows.
On the daily chart we have a double bottom and price is about to make a triple bottom if it can move down any lower.
I am going to enter a buy on hour 4 with a moving average crossover of the 10 and 20 Simple Moving Averages!
Harmonic Trading suggests price could turn around near the 1.45 area.
Most Oscilator Indicators are showing oversold on hour 4 and suggesting that the move down is nearly over.
One thing to watch out for is that the daily candles are really big and RED! I would like to see the daily candles get smaller and show evidence of buying pressure before entering.
It is possible that this pair could move down for 1 or 2 more days before reversing.
Whatever the case may be , wait before entering a buy!
On the daily chart we have a double bottom and price is about to make a triple bottom if it can move down any lower.
I am going to enter a buy on hour 4 with a moving average crossover of the 10 and 20 Simple Moving Averages!
Harmonic Trading suggests price could turn around near the 1.45 area.
Most Oscilator Indicators are showing oversold on hour 4 and suggesting that the move down is nearly over.
One thing to watch out for is that the daily candles are really big and RED! I would like to see the daily candles get smaller and show evidence of buying pressure before entering.
It is possible that this pair could move down for 1 or 2 more days before reversing.
Whatever the case may be , wait before entering a buy!
