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WVby u/wojcik_vesna·3hAnalysis

EURCAD — Watching for a breakdown under 1.6100

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!

1 comments · 5 points

1 Comments

FMu/fontaine_marie·2h

I see what you mean about the H&S, but the volume on those recent candles below 1.6100 is still pretty weak. I'd want to see a much stronger push to confirm that breakdown.

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