A market outlook for this week on the EUR/CAD Daily chart based on Harmonic Patterns. The expected price zone marked to be the reversal zone is thought to be at between the 1.3446 to 1.3275.

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

As seen on the chart below, a probable ‘Lazy Z’ like pattern has been spotted. Based on historical movements of this pair, the ABCD like pattern below most often signals market ‘Bulishness’ upon completion of this pattern.

EURCAD
 

At the moment, the C point is progressing downward towards the D point. Previously, prices has often aimed at the PRZ (Potential Reversal Zone) marked by the rectangular box seen in the chart. The reversal zone usually signals a probability as seen in the past, where prices would reach the blue zone and make a reversal.

At the time of writing, current price is at the 1.3374 level. The expected price zone marked to be the reversal zone is thought to be at between the 1.3446 to 1.3275 levels in reference to historical significant support and resistance.

Happy Pipping !
Thank you.