Hello Everyone,
The EURCAD has reached the top of the descending wedge price has been traveling in on the 1D price chart. The top of this descending wedge coincides with the .618 Fib-Level on the 1D. A rejection here may signal a drop to the bottom of the wedge.
Looking at the 8H price chart, Hidden Bearish Divergence has formed on the price chart and MACD in the short-term. (see attached chart)
Upon rejection at the top the wedge, there may be a short-term move to the bottom of the wedge (1.5300 area). Upon reaching this area, price may move back upward or break below the descending wedge. A close below the wedge may signal further Bearish movement.
Thank you for reading and please comment your thoughts.
*This is not investment advise*
The EURCAD has reached the top of the descending wedge price has been traveling in on the 1D price chart. The top of this descending wedge coincides with the .618 Fib-Level on the 1D. A rejection here may signal a drop to the bottom of the wedge.
Looking at the 8H price chart, Hidden Bearish Divergence has formed on the price chart and MACD in the short-term. (see attached chart)
Upon rejection at the top the wedge, there may be a short-term move to the bottom of the wedge (1.5300 area). Upon reaching this area, price may move back upward or break below the descending wedge. A close below the wedge may signal further Bearish movement.
Thank you for reading and please comment your thoughts.
*This is not investment advise*