This pull back is providing a nice risk reward ration of 1:2 for a long, if the pair pulls back further you can still get a good RR by extending SL to below 1.45118 and targeting 1.5475
There are 2 bullish AB=CD patterns, completing almost exactly in a tight zone. In these situations, bears usually lose interest selling further and this will cause the price to go up.
I have shown my suggested TP levels.
This analysis remains valid as long as the 1.4160 support is not taken out.
Good luck,
Ali Sharif Azadeh, CFTe
Eurcad seems bullish for me upto 1.5359 to complete the Bearish Cypher Pattern. However the Weekly chart says a different scenario it closed with Inverted hammer and a spinning top right after that and its on 78.6 which is the death zone. So be careful.
