Anticipating a swing out by EURCAD shortly.
Pair is trading at a 12 month low (well, lowest since last November).
If it can get back above this low and test S1 then we may see a strong correction given the strength of the downtrend.
If it fails to capitalise upwards, it could see another swing downwards.
Tracking this one on the H1 timeframe where it is testing the EMA50 - if it succeeds I may enter a long position towards the 236 fib.
Gut feeling - suspect we will see a strong long position short term not a short, given the RSI and the double bottom.
Pair is trading at a 12 month low (well, lowest since last November).
If it can get back above this low and test S1 then we may see a strong correction given the strength of the downtrend.
If it fails to capitalise upwards, it could see another swing downwards.
Tracking this one on the H1 timeframe where it is testing the EMA50 - if it succeeds I may enter a long position towards the 236 fib.
Gut feeling - suspect we will see a strong long position short term not a short, given the RSI and the double bottom.