FxWirePro: Is it a hammer or hanging man on EUR/CAD? Both leading and lagging oscillators favor hanging man, interim bulls stuck at pivot point

The upswings of this pair have made an attempt to break pivot level at around 1.4211 levels where it has tested support and resistance several times in the past. Any break above may drag the rallies up to next stiff resistance of 1.4282 levels.

Failure swings below this level can be conducive of the major downtrend and the retest of recent lows of 1.3855 levels seems to be more likely.

On a broader perspective, current month candlestick pattern seems to resemble either a hammer or hanging man pattern (refer monthly plotting) with one more trading week to spare. So, unwise to deem this as either hammer or hanging man.

But from prevailing selling momentum it appears to be continuing bearish streaks as the both leading and lagging indicators are still favoring bearish environment (so, potentially hanging man occurrence is possible).

Intraday sentiments have been bullish bias, potentially 7DMA seems to be crossing over 21DMA at this juncture which is the bullish signal.

We could also see the vigorous momentum taking place again from the last couple of days in these slumps as both leading oscillators are converging downwards to these price dips on daily charts, this can even be coupled with MACD's bearish crossover on monthly charts.

Trade Tips:

Taking above technical reasoning into consideration, on an intraday trading perspective, one touch binary calls are most conducive just to capitalize on prevailing bullish momentum. While on hedging grounds adding shorts in mid-month futures contracts safeguard slumps in this underlying pair.