EURCAD long setup for potential big move

12 Haz 2015

EURCAD has just tested good multi-month support at 1.3750 today. This line acted as support in Jan and as resistance in Mar to May. A clean inverse H & S pattern can be seen in the daily chart as well, where this line coincides with the neckline. The H & S pattern and neckline retest signals a long-term trend reversal, which can take out June high and 2015 high and develop into a new bullish trend. Today's close may form a hammer candlestick pattern, which adds strength to this bullish view.