Wizard

EURCAD Fibonacci and structure confluence pointing up.

FX:EURCAD   Euro / Canadian Dollar
Technical Outlook
EUR/CAD had a long rally followed by this down channel which cloud end up as a retracement if EURCAD went up.
There is a lot of structure at 1.43482 and there is a fibonacci 3.82 level close right at 1.42677.
I can't say now what this pair will do because it depends on oil prices and fundamentals, but i expect a short term rally when price reaches 1.42677, but i will be looking for other signals like bullish divergence and/or double bottom . So there i will be looking for a counter trend opportunity.

IF ( price reaches 1.42677 and signals a loss of momentum or a bullish divergence or gives a double bottom .)
THEN (I will buy looking for some short-term profits)


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Comments

Yes, we're approaching the long-term support. Market starts finding more buyers.
+1 Reply
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