{"id":17149,"date":"2010-12-21T08:41:51","date_gmt":"2010-12-21T13:41:51","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=17149"},"modified":"2010-12-21T08:41:51","modified_gmt":"2010-12-21T13:41:51","slug":"eurcad-revealing-potential-head-and-shoulders-formation","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/12\/21\/eurcad-revealing-potential-head-and-shoulders-formation\/","title":{"rendered":"EUR\/CAD Revealing Potential Head-and-Shoulders Formation"},"content":{"rendered":"<p><strong>By Greg Holden<\/strong><\/p>\n<p>One of the less-frequently analyzed pairs is providing us with signs of an impending bearish run.<\/p>\n<p>The <a href=\"http:\/\/www.forexyard.com\/en\/trading\/eur-cad\">EUR\/CAD<\/a> appears to be forming what looks like a head-and-shoulders pattern on  the daily chart, suggesting we could see long-term bearishness as we  head into 2011.<\/p>\n<p>The pair\u2019s steep decline over the first half of 2010 led to a record  low of 1.2466 in early June, but it looks to have been recovering since.<\/p>\n<p>What we see now, however, looks to be signaling that the down-trend was not actually over, but stalling within a larger cycle.<\/p>\n<p>If what is shown on the chart below turns out to be a  head-and-shoulders formation, then traders should look to see the pair  finding support at the 23.6% Fibonacci line and moving up towards the  1.36-37 range before entering another steep decline with targets near  the record low of 1.2466.<\/p>\n<p><strong>EUR\/CAD \u2013 Daily Chart<\/strong><\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/12\/EURCAD-Daily-Chart.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/12\/EURCAD-Daily-Chart.JPG\" alt=\"\" width=\"622\" height=\"746\" \/><\/a><\/p>\n<p><em><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex Market Analysis provided by ForexYard. <\/a><\/strong><\/em><em><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\"><br \/>\n<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                                                                                                                                                                                  may           not          be                               suitable                 for               all                                                     investors.                            There                    is       a                                                                                         possibility                                 that                                            you                            could                                      sustain  a                  loss                         of         all                   of                        your                                                                                investment          and                                                                   therefore         you                                                      should               not                                       invest                                       money                that                    you                                                   cannot                                     afford    to                                              lose.            You                                                should                   be                          aware                 of                                  all                      the                      risks                                                                  associated                         with                                 Foreign                                             Exchange                                                     trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If what is shown on the chart below turns out to be a head-and-shoulders formation, then traders should look to see the pair finding support at the 23.6% Fibonacci line and moving up towards the 1.36-37 range before entering another steep decline with targets near the record low of 1.2466.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-17149","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=17149"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17149\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=17149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=17149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=17149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}