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 technical analysis - 9 May 2023 | #forex #forexeducation #forexsignal #forexanalysis #shorts

9 May 2023 · 1 min

Watch on YouTube

0:56

In this short, Vladimir Ribakov provides a multi‑timeframe technical outlook for the EUR/CAD pair. He starts by highlighting a supply‑rejection zone around the psychological 1.50 level, suggesting that as long as price respects this area, bearish pressure is likely. On the weekly chart he points out two large seller spikes, a strong bullish‑to‑bearish engulfing candle, and bearish divergences across moving averages, the RSI, and the histogram, all signalling a potential reversal. Moving to the daily chart, he notes two pronounced reversal candles that reinforce the bearish bias. On the 4‑hour chart, the market is forming lower highs and lower lows with no bullish counter‑signals, indicating a clear downtrend. Consequently, any pull‑back to the supply zone is interpreted as a short‑entry opportunity.

Chapters

As you can see here, supply rejection zone around the psychological level 150. And so as long as this area holds, look what do we have on the weekly chart: two massive spikes presenting controls of the sellers, an amazing engulfing candle pattern, bearish divergence on the moving averages, the RSI and the histogram, the RSI as well. So with that in mind, going down to the daily chart, we can see how strong these 2 following reversal candles are. It is a very good positive sign. Dropping down to the 4-hour chart, we start to see that we do create lower highs, lower lows, and there are no opposite signs against us. So with that in mind, any pullback here for me is a sign of