Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

EURCAD analysis and trading plan. #eurusd #forexeducation #eurcad #eurusdanalysis #forexsignals

1 May 2023 · 1 min

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In this segment of his EUR/CAD market commentary, Vladimir Ribakov explains that the recent price action has formed a strong bearish divergence: while the price chart is making higher highs, both the MACD and RSI indicators are producing lower highs, indicating weakening buying pressure. He points out a Harami candlestick pattern that appeared two days earlier, followed by a confirming candle that closed below a preceding green candle, which he interprets as a positive signal for a potential market reversal. Based on this analysis, Ribakov anticipates that the pair may start to make lower lows, suggesting that any short‑term rally could be followed by a pullback, and this forms the basis of his trading plan for the EUR/CAD pair.

Chapters

see that at the end of these waves, uh, we experienced here, the market completes a massive bearish divergence. So while the market is making higher highs, the indicator, that is the MACD as well as the RSI, complete a fantastic lower highs, completing bearish or negative divergence, hinting that the buyers are losing their grip. Also pay attention to what happens here with the candle patterns, the Harami candle patterns that was created 2 days before, confirming candle coming in play here. And all that happens to close below this green candle, very good positive sign. So with that, usually what comes in play is the potential turnaround. Now we start to make the lower lows, right? So what could happen here is with any rally, we should experience another pullback.