EURCAD - Curved Bottom
EURCAD has come down recently, and now formed a consolidation pattern that looks like a curved bottom. It just touched the bottom of this curve again, so that seems like a decent position to open a long position. Any move that closes significantly below the curve invalidates the setup.
Note
So far, so good. It bounced from the bottom of the cup. The first target would be resistance line formed by the previous highs. From there it might rebounce down or break through.Note
Well, this worked out nicely. Should anybody have followed my idea, taking some profit here is recommended!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.