EURCAD Fibonacci and structure confluence pointing up.
Technical Outlook
EUR/CAD had a long rally followed by this down channel which cloud end up as a retracement if EURCAD went up.
There is a lot of structure at 1.43482 and there is a fibonacci 3.82 level close right at 1.42677.
I can't say now what this pair will do because it depends on oil prices and fundamentals, but i expect a short term rally when price reaches 1.42677, but i will be looking for other signals like bullish divergence and/or double bottom. So there i will be looking for a counter trend opportunity.
IF ( price reaches 1.42677 and signals a loss of momentum or a bullish divergence or gives a double bottom.)
THEN (I will buy looking for some short-term profits)
Thank you for viewing and if you like my stuff please like and follow. As always good luck and till next idea!
EUR/CAD had a long rally followed by this down channel which cloud end up as a retracement if EURCAD went up.
There is a lot of structure at 1.43482 and there is a fibonacci 3.82 level close right at 1.42677.
I can't say now what this pair will do because it depends on oil prices and fundamentals, but i expect a short term rally when price reaches 1.42677, but i will be looking for other signals like bullish divergence and/or double bottom. So there i will be looking for a counter trend opportunity.
IF ( price reaches 1.42677 and signals a loss of momentum or a bullish divergence or gives a double bottom.)
THEN (I will buy looking for some short-term profits)
Thank you for viewing and if you like my stuff please like and follow. As always good luck and till next idea!
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