EUR in massive trouble amidst global inflation pandemonium?
Markets usually exhibit the same behavioral patterns over and over and we can see this clearly on EURCAD as it continues its downtrend.
We saw EURCAD close extremely bearish below 1.31 last month and last week's candle also closed bearish. Higher time frame bias shows a strong sell off in EURCAD.
On the daily chart, we saw EURCAD sell off then sideways range between 1.375 and 1.34 before making another leg lower to 1.3
We then saw the same sideways range cap the pair between 1.33 and 1.3 whilst also consolidate in a potential bearish pennant. Price moved back to mid range and could not go as high as the previous highs at 1.33 which shows weakness in the market. Price also rejected off the 38.3 Fib.
Could this be the start to another leg down as EURCAD continues its downtrend and fulfil the rectangle sideways range as well as the bearish pennant.
One for the radar.
We saw EURCAD close extremely bearish below 1.31 last month and last week's candle also closed bearish. Higher time frame bias shows a strong sell off in EURCAD.
On the daily chart, we saw EURCAD sell off then sideways range between 1.375 and 1.34 before making another leg lower to 1.3
We then saw the same sideways range cap the pair between 1.33 and 1.3 whilst also consolidate in a potential bearish pennant. Price moved back to mid range and could not go as high as the previous highs at 1.33 which shows weakness in the market. Price also rejected off the 38.3 Fib.
Could this be the start to another leg down as EURCAD continues its downtrend and fulfil the rectangle sideways range as well as the bearish pennant.
One for the radar.
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