EURCAD has formed a significant bearish engulfing on the daily, weekly and recently the monthly time-frame. I will post the weekly and monthly point of views in the comments below. It appears that a lower high has formed, seen clearly on the weekly and daily time-frames. This is a clear sign that the trend is bearish. SL set above weekly engulfing high, TP set at previous strong support. Resistance lines are marked by the thinner horizontal lines.
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Monthly POV:
Weekly POV:
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Price is pulling back. I watching the daily time frame for another bearish engulfing before re-entering with a much lower risk. The weekly engulfing is still valid. Let's see how next week plays out. I expect price to continue pulling back, and then drop quickly sometime in the next week or so.
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Price unexpectedly spiked up hitting SL. Formed another significant engulfing candle on 8/31 where I entered short again. Price is now dropping very quickly and another bearish engulfing candle closed on the weekly time frame.
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TP1 reached:
