At the moment, price is progressing upwards towards the D point. Previously, prices have often aimed at the PRZ (Potential Reversal Zone) or at the D level before reversing.

Good day Traders, this is Kenny Simon giving a market outlook for this week on the EUR/CAD 4Hr chart based on Harmonic Patterns.

As seen on the chart below, a probable ‘W’ like pattern is thought to have completed at the D level marked by the blue colored box. Based on historical movements of this pair, the M like pattern below most often signals market ‘Bearishness’ upon completion of this pattern.


EURCAD

 

At the moment, price is progressing upwards towards the D point. Previously, prices have often aimed at the PRZ (Potential Reversal Zone) or at the D level before reversing.

At the time of writing, current price is at the 1.3850 level. The expected rise of price is expected to be anywhere between 1.4137 level right up to the 01.4284 area in reference to historical significant support and resistance.

Happy Pipping !
Thank you.