themarketzone

Potential for huge rally if 1.4 will hold as support

FX:EURCAD   Euro Fx/Canadian Dollar
Last week I've trader $EURCAD in what ended to be a 250 pips rally.
The 1.4 breakout played out nicely but towards the end of the week $EURCAD erased some of its gains and closed just above 1.41 (previously support and resistance structure zone)
1.41 and 1.4 are the nearest support zones and we have the uptrend line to support the possible bullish scenario here.

Triangle breakout Following a successful inverted H&S pattern?
Perhaps...
If this is a real break, there's a potential to rally all the way towards 1.5 to complete a bearish Butterfly .
1.43 is the nearest target zone for this bullish scenario.
A close below 1.39 will cancel this analysis and could lead $EURUSD back down towards 1.37

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Tomer J,
The Market Zone - You trading Edge
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