For my previous post regarding EURCAD see below;
I was looking for a move towards 1.48-1.49 but we didn't see that yet. I was looking for a third leg lower in the shape of a wave C. We saw the structure break last week after the comments about a possible OPEC production cut.
However I trade what I see and at the moment we see 'hidden bullish divergence' on the 1 hour time frame which is a warning. I like therefore to see what kind of consolidation will be next to determine whether this is corrective or indicate a bullish reversal.
Lower time frames might present a sell trade very soon but keep an eye on this hidden divergence scenario on the 1 hr time frame when managing this trade.
I was looking for a move towards 1.48-1.49 but we didn't see that yet. I was looking for a third leg lower in the shape of a wave C. We saw the structure break last week after the comments about a possible OPEC production cut.
However I trade what I see and at the moment we see 'hidden bullish divergence' on the 1 hour time frame which is a warning. I like therefore to see what kind of consolidation will be next to determine whether this is corrective or indicate a bullish reversal.
Lower time frames might present a sell trade very soon but keep an eye on this hidden divergence scenario on the 1 hr time frame when managing this trade.
Trade closed: target reached:
We hit 1.45 before we saw the Euro gain strength again. The latest update is under comments below. I'll update this pair for the bullish momentum.
