We are in an intermediate down trend (daily).
We have a minor pullback in a congestion area.
So we have a nice set up.
Short EUR CAD at 1.4360 area.
Stop loss above 1.44991.
We have a moderate pullback in a strong up market.
If we look back on a weekly and daily base we will found a strong support zone (SZ).
A lot of confluence : SZ - plus Bat pattern - plus upward short term trendline
We have a moderate pullback in a strong up market.
If we look back on a weekly and daily base we will found a strong support zone (SZ).
A lot of confluence : SZ - plus Bat pattern - plus upward short term trendline
1. We have a pullback from XA leg at 38.2 fib.retr.
2. We have form a hammer right at 38.2 fib.retr.
3 We touch the lower border of an ascending channel
4. We almost touch the 200 EMA & 200 MA- If we had not form the hammer we will wait for a touch.
So we buy above the high of todays close at 9673
at we sell at 9786 50.0 fib.retr of down leg
stop loss below today...
The pair is ina a clear uptrend (daily and weekly charts), so we look for a good entry.
At 1,6940 we have an area of previous support (look left), 50% fib.retrace,100% fib.ext of previous down leg.