From 1.6 top eurcad dropped almost 600 pips but the drop is not impulsive and has a very clear corrective move format. Also if we draw a Fibonacci from 1.51 support we can clearly see that this old resistance zone, now support, is confluent with 61% retracement and we can very well be in a "measured move" pattern.
That being said I will look for buy opportunities...
For more than 2 months now, EurAud is trading in a range with a base on 1.61 zone and a top at 1.65.
Now the pair is approaching the low of the range and I expect a rebound from here.
I'm looking for a signal to buy in this zone for 1.64 target.
Interim resistance is at 1.6250
Yesterday I said that my bias on EurUsd changed to bearish and spoke about a potential target of 1.18.
This target was reached just now and considering the strong support under 1.18 I expect a rebound. O the other hand the old 1.18-50-1.1860 resistance should be well defended by bears and here is where I will look for selling opportunities.
A potential target can...