Forex Trading Library

EURCAD – Buying dips close to the wedge base

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Monthly – Mixed and volatile price action for the last 56 months looks to have formed a bearish wedge pattern. Trend line support is located at 1.4522. A break here, and the measured move target is 1.3023

Weekly: Look to be forming a bearish Head and Shoulders pattern with the projected right shoulder seen at 1.5735. Trend line support is located at 1.4808

Daily: Forming a bullish Ending Wedge pattern. Trend line support is area at 1.4644. Bespoke support is seen at 1.4690. With Demark close to an exhaustion count (13) on the weekly charts, dips are likely to find buyers. A break of this week’s high and the reversal to the upside is likely to be underway. The measured move target for the wedge breakout is 1.5585

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