EUR/CAD has recently completed the Uniform Triangle chart pattern identified on the 4-hour charts. The overall Quality of this chart pattern is measured at the 8 bar level as a result of the strong Initial Trend (8 bars), near-maximum Uniformity (9 bars) and significant Clarity (7 bars). The completion of this chart pattern continues the overriding downtrend visible on the weekly EUR/CAD charts. More specifically, this chart pattern follows the previous downward price thrust from the broken support trendline of the longer-term weekly correction from the middle of 2010 (acting as resistance after it had been broken in the December of 2011).
Both of the connecting points of the upper resistance trendline of this Triangle (points A and B on the chart below) formed at the combined resistance made out of the 38,2% Fibonacci Retracement of the aforementioned daily downward impulse and the round price level 1.3000. The bottom of this Triangle (point C) formed when the pair reversed up from the strong support 1.2780 (which reversed the pair at the start of 2011). This support level should be broken for the pair to reach the Price Forecast 1.2751.
The following weekly EUR/CAD demonstrates the technical price levels mentioned above:
EUR/CAD CHART" title="EUR/CAD CHART" width="598" height="696">
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EUR/CAD Recently Completed Uniform Triangle Chart Pattern
Published 06/25/2012, 02:54 AM
Updated 03/09/2019, 08:30 AM
EUR/CAD Recently Completed Uniform Triangle Chart Pattern
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