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  4. EUR/CAD Bearish ABCD and Trendline Confluence

EUR/CAD Bearish ABCD and Trendline Confluence

January 31, 2017 11:55

The EUR/CAD is currently in a zig-zag downtrend. We can see a distinct trend line that makes a confluence with H3, ATR pivot and ABCD bearish pattern. ABCD is valid and confirmation of short continuation comes with 1.4025 break. Additionally, the POC zone is 1.4060-80 so watch for possible rejections off the zone too. Targets are 1.4000 and 1.3945. Only the break of 1.3940 will extend the target towards 1.3900 zone. Invalidation of this bearish scenario comes if 1.4110 is reached.

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