We have a number of reasons which, in our opinion, build the case for a forex signal for a EURCAD sell. Firstly, we have a bearish pin bar reversal off a soft horizontal level @1.4100 with RSI divergence.
We also have a confirmation of a lower high on the hourly timeframe which gives us extra confidence that the shorter-term buyers and sellers are singing from the same hymn sheet, ie: seeing value to sell at this point. The hourly timeframe currently looks complete as a head and shoulders formation.
Our entry is just below Friday’s low on the daily (minus spread and an extra pip with our stoploss above Friday’s high). This will correlate with what will equate to the break of the neckline on the hourly timeframe.
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