Forex Positive

EURCAD forming a right shoulder

FX:EURCAD   Euro Fx/Canadian Dollar
For EURCAD             , a inverted head & shoulders pattern is emerging. The neckline resistance (in red rectangle) is clearly visible around 1.3740-60.

If EURCAD             retraces to the 50% FIB level, this would coincide with a prior support zone (in green rectangle). This support zone at 1.3390-00 is tested 2 times. Look to enter a long position if EURUCAD pull backs to this 1.3390-00 support area. Hopefully, we may be able to catch the beginning of the formation of the right shoulder too.

Long EURCAD             1.3390-00
SL below 1.3350
TP1 1.3750
TP2 1.4000

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