EURCAD — Watching for a breakdown under 1.6100
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Hey TA folks. Been watching $EURCAD for a bit now. It's been hovering around the 1.6100 mark for a couple of days, and I'm seeing a bit of a head and shoulders pattern forming on the hourly chart, though it's still quite nascent. If we get a clear break and sustained price action below 1.6100, especially with some volume, I'd be looking for a move down towards 1.6050, maybe even 1.6020. The invalidation for this idea would be a strong close above 1.6120, which would suggest the bears aren't quite ready to take control yet. Just my two cents, always room to be wrong on these things!