Look to the left where you can see EUR CAD has bounced off the MA200 4 times since April 19, 20121.
This time the MA200 stands at 1.46482 so I think this level is a good short entry opportunity.
Whether it will also reach 1.47936 (0.618%) remains to be seen but is unlikely.
I see the entire correction since August as a 3-part ABC pattern, so I see the entire move up as the A and the B, if not much lower then it should be down at least 0.618%.
This time the MA200 stands at 1.46482 so I think this level is a good short entry opportunity.
Whether it will also reach 1.47936 (0.618%) remains to be seen but is unlikely.
I see the entire correction since August as a 3-part ABC pattern, so I see the entire move up as the A and the B, if not much lower then it should be down at least 0.618%.
A realistic goal lies in the 0.618% Fibonacci retracement.