EURCAD update, short then long
Updated
For my previous posts on EURCAD see below:
First I expect a third leg lower towards at least 1.455 before we see a reversal and an impulse higher.
We find a confluence zone in the 1.455 area for a likely bottom of this potential 3 wave correction by means of an ABC wave count. If we see 1.455 got hit I will shift my bias towards a bullish move with a potential target at 1.525. However first things first and structure will likely explain a lot more once we hit that 1.455 zone.
First I expect a third leg lower towards at least 1.455 before we see a reversal and an impulse higher.
We find a confluence zone in the 1.455 area for a likely bottom of this potential 3 wave correction by means of an ABC wave count. If we see 1.455 got hit I will shift my bias towards a bullish move with a potential target at 1.525. However first things first and structure will likely explain a lot more once we hit that 1.455 zone.
Note
This pair is looking very good for a test of 1.455 (likely even 1.452 or 1.450). Every minor bullish correction results is even more confluence for this target zone. Once my target has been hit I will be looking for a buy trade and might even consider a pending buy at 1.452 with stop loss below 1.4388 and target 1.525. However I rather trade with a higher risk/reward so will be focusing on a better trade entry when price is closing in on 1.455.
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