Wedge Pattern Forming On EURCAD, Could Be Long or Short Trade
A nice wedge pattern is forming on the 4 hour chart of EURCAD, it's actually forming with two different lower trendlines extending to different times. This pair could break either way although our algorithm is indicating a move higher. We will be ready to take action on a break of either the higher or lower trendline by 10-20 Pips.
A trade can be taken with a break of the shorter lower trendline but ultimately we want to see the longer lower trendline be taken out for a short position. Keep in mind the 1.38000 level on the daily chart is key and acting as very strong resistance.
A trade can be taken with a break of the shorter lower trendline but ultimately we want to see the longer lower trendline be taken out for a short position. Keep in mind the 1.38000 level on the daily chart is key and acting as very strong resistance.