forexTrdr

buy EURCAD on hourly support holding as Bunds break lower

Long
FX:EURCAD   Euro / Canadian Dollar
Buying EURCAD here on hold of hourly support line since we tested Fibonacci support (from start of year high) on 5th of Jan. Even with German govt bonds breaking lower ( bund breaking support level since 2016) the hourly support line has so far held. Looking for a move higher to the next Fibonacci resistance level (higher purple highlighted line).

Risk to downside is if growth fears continue (German looking set for recession in 2nd half of year) on EUR taking EURUSD significantly lower again.

Zoom out to see fibonacci levels

Trade active: Take profit 1 hit
Trade closed manually: target reached as per chart

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