Wikiwicks

EURCAD sharp fakeout + broken channel

Long
FX:EURCAD   Euro / Canadian Dollar
#EURCAD:

(1D):
The price here has been consolidating in a massive sideways formation for quite some time. Last week, a fakeout occurred, trying to break the 200 EMA as well but failed, drastically changing direction within the next day. Bearish structure was also broken, confirming the potential move to the upside, making our bias bullish .

(4H):
Zooming in, a clear bearish channel is presented, already broken, thus confirming a new HH. What we need to see now is a retracement back to our zone of interest, where we would look for a rejection for a final confirmation to the upside.