EURCAD INV. HEAD & SHOULDERS PRICE ACTION TRADING
📢 **Hello Traders!**
Today, we're diving deep into the EURCAD currency pair, which is showcasing a fantastic trading opportunity for all of us.
On its hourly chart, EURCAD has beautifully sculpted an inverse head and shoulders pattern. And guess what? The price is currently breaking above the neckline, which is set at 1.47201. This is a clear indication of a potential bullish reversal.
For those who might be new to this, the head and shoulders pattern is a classic in the world of price action trading. It's one of the most reliable reversal patterns out there.
Now, let's talk about risk management. We've set our stops right at the mid of the right shoulder, which is 1.46901. This ensures we limit our losses if the market doesn't move in our anticipated direction.
🎯 **Targets**:
- 62% Target: 1.47778
- 79% Target: 1.47929
- **Extended Targets**:
- 127% Target: 1.48375
- 162% Target: 1.48696
Remember, trading is as much about protecting capital as it is about making profits. Always ensure you're comfortable with the risk before entering any trade.
Happy trading and let's catch those pips! 🚀📈
EURCAD
Today, we're diving deep into the EURCAD currency pair, which is showcasing a fantastic trading opportunity for all of us.
On its hourly chart, EURCAD has beautifully sculpted an inverse head and shoulders pattern. And guess what? The price is currently breaking above the neckline, which is set at 1.47201. This is a clear indication of a potential bullish reversal.
For those who might be new to this, the head and shoulders pattern is a classic in the world of price action trading. It's one of the most reliable reversal patterns out there.
Now, let's talk about risk management. We've set our stops right at the mid of the right shoulder, which is 1.46901. This ensures we limit our losses if the market doesn't move in our anticipated direction.
🎯 **Targets**:
- 62% Target: 1.47778
- 79% Target: 1.47929
- **Extended Targets**:
- 127% Target: 1.48375
- 162% Target: 1.48696
Remember, trading is as much about protecting capital as it is about making profits. Always ensure you're comfortable with the risk before entering any trade.
Happy trading and let's catch those pips! 🚀📈
EURCAD