EUR/CAD Flat Top Triangle Below the Trend Line

The EUR/CAD has formed a flat top triangle below the trend line that coincides with both Murrey Math and Camarilla bearish levels.

The price is below W H3 and trend line, while at the same time is rejecting the 5/8 Murrey Math Sell zone. A successful rejection should target 1.4892 followed by 1.4840-30 confluence point. The target confluence is W L3 and 3/8 zone. The MACD indicator also signals a possible downtrend cont based on MTF calculations.

{alt}

This article was originally posted on FX Empire

More From FXEMPIRE:

• Precious Metals Edge Down Over Strong Demand For US Greenback

• The Pot of Gold From the Financial Markets – Part I

• Weekly Forex Outlook: October 29 – November 2

• Natural Gas Price Fundamental Daily Forecast – Mild Start to November Could Drive Market into $3.125 to $3.057

• Learn It Live – How to Start Scalping the Markets

• EUR/CAD Flat Top Triangle Below the Trend Line