EURCAD potential falling wedge soon to be targeting 1.38?
Updated
Last week we saw bulls take control from the bottom of the wedge and close well above 1.37.
We have seen a 50% retracement of last week’s candle so far which is also sitting around the 1.3650 minor support and wedge retest area. We could see a wedge breakout and retest in play from here. If price action (H4) continues to hold above 1.3650, then this would validate the setup and could start a stronger continuation rally into 1.3800, which will also complete the ABCD pattern, targeting dynamic resistance on the 200-EMA (again H4). One for the radar.
We have seen a 50% retracement of last week’s candle so far which is also sitting around the 1.3650 minor support and wedge retest area. We could see a wedge breakout and retest in play from here. If price action (H4) continues to hold above 1.3650, then this would validate the setup and could start a stronger continuation rally into 1.3800, which will also complete the ABCD pattern, targeting dynamic resistance on the 200-EMA (again H4). One for the radar.
Order cancelled
We saw EURCAD fail to hold the 1.3650 support on the H4 which invalidated the trade idea and saw sellers resume control to push it lower to the downside.
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