EURUSD one of the most or maybe I could say the most influential pair for forex trading, a pair many like to trade and many like to avoid for its volatility and unpredictable market movements, is now reaching a resistance zone, and some patterns have come to float, giving us an idea of what could be the next move for this pair, time to fly low for eurusd, because we have a couple of good signals that are giving us an idea of where price action is taking us, after breaking the 4h daily trend on a huge hike up on a news move, is now forming a head and shoulders for 1 hr time frame this type of formation is known as a trend change or breakout formation, that have a lot more efficiency on a support or resistance zone, which is the case, price action also is guiding us to a trend change, since the 4hr chartis presenting us an engulfing pattern, also known for been a candlestick pattern for trend change when is located near a support or resistance zone, by giving a quick flash to daily chart we can see an indecision candel, so i can definetly say by looking at this 3 signs that EURUSD is getting ready to fly low, and could fly super hyper dupper trupper low because the weekly chart seems to be in formation of a papa head and shoulders...
While EURUSD seems to change from uptrend to downtreand USDCAD seems to also be following the same head and shoulders 1hr baby pattern on the opposite correlation side. EURUSD goes down, USDCAD goes up, because usd is hiking up, 4hr chart on this pair gave us an indesicion candel, not a confirmation candel but ill say it will follow EURUSD opposite correlation. USDCAD monthly chart has an engulfing pattern this pattern could give a boost to this head and shoulders formation for USDCAD, and a monthly trend change.
Hope this analysis is helpfull to you, please feel free to comment, add or critic this analysis give some feedback and your point of view. So that we can all learn more everyday.
In conclusion go long on USDCAD with a target to 1.2943 level and go short on EURUSD with a first target at 1.1313 and second target to 1.1256.
Good luck and have a lot of fun! Remember buy low sell high. God Bless
While EURUSD seems to change from uptrend to downtreand USDCAD seems to also be following the same head and shoulders 1hr baby pattern on the opposite correlation side. EURUSD goes down, USDCAD goes up, because usd is hiking up, 4hr chart on this pair gave us an indesicion candel, not a confirmation candel but ill say it will follow EURUSD opposite correlation. USDCAD monthly chart has an engulfing pattern this pattern could give a boost to this head and shoulders formation for USDCAD, and a monthly trend change.
Hope this analysis is helpfull to you, please feel free to comment, add or critic this analysis give some feedback and your point of view. So that we can all learn more everyday.
In conclusion go long on USDCAD with a target to 1.2943 level and go short on EURUSD with a first target at 1.1313 and second target to 1.1256.
Good luck and have a lot of fun! Remember buy low sell high. God Bless
