EURCAD is nearing the PRZ of a bearish Bat in a heavy S/R Zone. The SMA200 and EMA200 lines have been tested showing weakness. If price should complete the bearish bat this would present an opportunity to go short back toward the moving averages. An important .618 fib level from structure high to structure low aligns precisely with the .886 bat completion level and a Fibonacci cluster. Entry is placed at the bottom of the PRZ with SL above 1.13XA and target at .618CD.
Confluence in the PRZ:
Confluence in the PRZ:
- Bearish bat
- Retest of EMA200 and SMA200
- Strong S/R Zone
- Highly confluent Fib cluster
