EUR/CAD: 3 possible buy zones based on harmonics and Fibonacci
We are currently at an up trendline, close to a possible PRZ based on harmonics and right above the .50 retracement (possible weekly bat B) of the last big move up so PA could be reversing anytime now...
If a reversal occurs and if it's significant than I will cancel all pending orders and this setup will be invalidated.
In case we break the trendline there could be 2 potential other PRZ's below which could send this pair back up, possibly to re-test the broken trendline.
I have based 3 trades on the middle PRZ since it is to me the most likely zone for a price reversal (confluence of harmonics and 50% fib level), but I am no expert so no guarantees whatsoever, as always!
In case I get stopped out I would consider going long at the next PRZ but only after re-evaluating PA at that time.
That PRZ coincides with the .618 retracement of the last big move up, so it is also a good option imo.
SL of the trades on chart below previous S/R and below 1.4100. 3 targets based on Fibonacci could be adjusted according to PA and where it possibly re-tests that broken trendline if we get so far.
If a reversal occurs and if it's significant than I will cancel all pending orders and this setup will be invalidated.
In case we break the trendline there could be 2 potential other PRZ's below which could send this pair back up, possibly to re-test the broken trendline.
I have based 3 trades on the middle PRZ since it is to me the most likely zone for a price reversal (confluence of harmonics and 50% fib level), but I am no expert so no guarantees whatsoever, as always!
In case I get stopped out I would consider going long at the next PRZ but only after re-evaluating PA at that time.
That PRZ coincides with the .618 retracement of the last big move up, so it is also a good option imo.
SL of the trades on chart below previous S/R and below 1.4100. 3 targets based on Fibonacci could be adjusted according to PA and where it possibly re-tests that broken trendline if we get so far.
