EURCAD Trade SetUp on the 4H chart

Sunday, December 1, 20130 comments

Although PA (Price Action) left the PRZ (Price Reversal Zone) in upward move, failed to make a higher high beyond X so the bat pattern is still valid. However, PRZ forced PA to take a short break at 88.6 extension of XA and went to test the previous swing high. The 88.6 acted as support twice forming a possible CZ like the one on previous swing high. The T1 is at 38.2 (1.42370) retracement of this impulse leg with no serious support which implies a further drop to T2 at 61.8 (1.41027) with some significant support levels earlier.
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