Was planning this setup since price came to 1.5500 and showed weakness, then in the daily retracement, went short at 1.5300
1.5500 is the 61.8 Fib of the major down trend since 2008 high to 2012 low.
1.5500 also well respected horizontal support and resistance level on weekly and daily charts., then it broke daily rising channel support and started forming head and shoulders pattern.
I would expect 1.500 level to show little bit of support but ultimate mid term target is 1.4400-1.4300.
Complete analysis done few weeks ago could be found in following posts.
thefxbook.com/eurcad...essure-may-continue/
thefxbook.com/eurcad-hit-resistance/
1.5500 is the 61.8 Fib of the major down trend since 2008 high to 2012 low.
1.5500 also well respected horizontal support and resistance level on weekly and daily charts., then it broke daily rising channel support and started forming head and shoulders pattern.
I would expect 1.500 level to show little bit of support but ultimate mid term target is 1.4400-1.4300.
Complete analysis done few weeks ago could be found in following posts.
thefxbook.com/eurcad...essure-may-continue/
thefxbook.com/eurcad-hit-resistance/