EURCAD Long BIAS 'CUP and HANDLE' D1 Technical Analysis
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BIAS: Long
Chart Pattern: Possible Cup and Handle
Price Action with RSI and MACD: Bullish Convergence at D1
EMA 20: D1 Price action has broken and retested the EMA 20 on Sept 10 and Sept 16 respectively forming a Morning Star candlestick- another bullish sign
Volume: Volume is favoring the buyers in the D1 and H4, with H4 of previous close pulling back to rewind for further upside imho
Chaikin Money Flow: Rising from the bottom D1 average to '0' ZERO making a strong case for money flowing into longs.
Invalidation: Short term invalidation is at approx. BELOW the 0.50 fib price action of the 'Cup and Handle Pattern' as highlighted with the green dash line. A more specific number is around 1.54872 which is calculated by the following formula: (D1 ATR x 1.5) - previous D1 close
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