EURCAD BEARISH CONTINUATION TRADE SETUP
Hi Traders,
The EURCAD reversed from a weekly resistance level and made an impulsive move lower with extended 1st wave.
.
The price seems to have completed a shallow ABC flat pattern at 23.6 Fib ratio which is most likely wave 2.
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Considering that price has rejected from a dynamic resistance (moving averages) and breached the low of wave b of 2 (blue), we will consider any short entry valid and stop loss should be above the high of wave c of 2 (blue).
.
The projected take profit levels are 61.8 and 78.6 Fib extensions that lined up with key support as planned on the chart.
.
Thanks for reading!
The EURCAD reversed from a weekly resistance level and made an impulsive move lower with extended 1st wave.
.
The price seems to have completed a shallow ABC flat pattern at 23.6 Fib ratio which is most likely wave 2.
.
Considering that price has rejected from a dynamic resistance (moving averages) and breached the low of wave b of 2 (blue), we will consider any short entry valid and stop loss should be above the high of wave c of 2 (blue).
.
The projected take profit levels are 61.8 and 78.6 Fib extensions that lined up with key support as planned on the chart.
.
Thanks for reading!
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