1. EURCAD completed a daily cypher pattern on daily chart. 2. Price is testing a strong historical resistance zone 3 Divergences (for the time being) 4. On 60 min chart price completed or is near completion to an advanced bearish pattern with divergences.
Good Luck!
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Weekly chart
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Price reached TP1 of harmonic pattern move, +80 pips since the chart was posted and was stopped again from 200 EMA on 60 min chart. So in this situation we can see a move up for a retest of the top again or even breaking it, before moving to downside. If price will break 200 EMA and close below it then we can see a nice fall. For the time being EURUSD, EURAUD, EURGBP and EURNZD are moving really nice to downside. So with EURCAD price can create a more complex wave_ 1 or (A) and Wave_2 or (B),before moving to donwside. Keep an eye on this pair as it is going to move really soon.
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Very nice bearish Engulf candle on daily chart and it is formed in a strong resistance zone. Price retraced 78.6% of the big bearish Engulf candle. Potential move down.