Today's 200+pip move may be deterrent for any long positions, though. Such a vertical decline is not quite a frequent occurrence. EURCAD
has suffered in the wake of the sell-off that's happened today in EURUSD
. In case you wondered how deep the potential correction might be, the blue boxes show the size of prior ranges that were observed at the recent tops (not such a distant memory). They may contain the future price action, but may just as well be exceeded, as price might go up to the red trend line
, which is based on the mid-Oct. highs. That would coincide with Fib 0.382 retracement
, so this would make it a fairly good target.