Today, the formations of engulfing-outside bars appeared on several currency pairs. On EURUSD and EURCAD these are bearish engulfings suggesting the end of an upward swing and the start of a downward correction.

EURUSD – bearish engulfing at channel resistance

EURUSD Daily – price has reached the resistance of the downward flag (upward channel). Possible return to flag support

The price has reached the resistance of the downward flag (upward channel). Possible return to flag support.

EURUSD H4 – bearish engulfing at fall flag resistance

A downtrend flag has appeared on the H4 chart. The price reached the resistance and turned back, indicating a false breakout from the formation. A bearish engulfing formation is emerging. The price has already broken out to the bottom and the MACD has entered a downward phase. High probability of further declines towards the support of the flag formation.

EURCAD – bearish engulfing

EURCAD H4 – bearish engulfing and declining MACD good prognosis for sellers

Similar to the EURUSD, a bearish engulfing formation is also emerging here. MACD confirms the change in sentiment to downward. The downward move may be limited to the hypothetical trendline (marked with a dotted line).

We can discuss this week’s events and their possible impact on the quotations of currencies and other financial instruments during the live sessions:


This  WEEK  (23-28 October 2023 )  I am pleased to invite you to several online sessions. Below is the schedule of meetings:

Links:  BASIC (beginners room)                        ADVANCED ROOM

The above analysis is based on the PA+MACD strategy, a detailed description of which you can read HERE . I will talk more about the PA+MACD strategy applied to these currency pairs during the live trading sessions which you can attend from Monday to Friday.
More current analysis on the group : Trade with Dargo

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