Greetings traders.👋 Today's spotlight is on EURCAD, revealing an enticing trading prospect. After a thorough review of the daily chart, it's evident that we're witnessing a quintessential Head and Shoulders reversal pattern.
The crux of our observation lies in the price's decisive move below the neckline, pinpointed at 1.42850. The price didn't just breach this critical level but retraced to validate it, reinforcing its importance. With the price now operating beneath the breakout candle, we're anticipating a bearish journey ahead for the pair.
For those contemplating a trade:
Stop-Loss:
Think about positioning it just above the preceding peak before the breakout or around the median of the right shoulder for an added buffer.
Profit Targets: Set your sights on capturing gains equivalent to 62%-79% of the Head and Shoulders pattern's full height, starting from the point of neckline breakout.
We value your insights. If this analysis aligns with your strategy and proves beneficial, we'd appreciate your endorsement. Share your thoughts or questions in the comments. Remember, risk management is paramount. Trade wisely.
Wishing you successful trades.
TCPLTP
The crux of our observation lies in the price's decisive move below the neckline, pinpointed at 1.42850. The price didn't just breach this critical level but retraced to validate it, reinforcing its importance. With the price now operating beneath the breakout candle, we're anticipating a bearish journey ahead for the pair.
Stop-Loss:
Think about positioning it just above the preceding peak before the breakout or around the median of the right shoulder for an added buffer.
Profit Targets: Set your sights on capturing gains equivalent to 62%-79% of the Head and Shoulders pattern's full height, starting from the point of neckline breakout.
Wishing you successful trades.
TCPLTP
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