EURCADOur preference: lighten as long as 1.4707 is stopper with 1.4491 as objective.
Alternative scenario: the overflow of 1.4707, will validate an increase over 1.4785 and 1.4832.
Comment: The RSI is below its neutral zone of 50. The MACD is positive and below its signal line. The MACD must press the zero line to confirm a continuation of the drop. In addition, prices are below their moving average (1.4649) but above their moving average 50 (1.4621).
Eurcadidea
EURCAD Long OpportunityBullish Pennant after Bullish Impulsive Move.
Notice that volume is declining as Price consolidates into the pennant.
We also have Divergence as RSI does not conform to Price Action making lower lows.
For profit taking targets, we set it at a 1:1 ratio of the flag pole measure from breakout of the pennant.
We enter long orders upon breakout of the pennant and place stop-loss orders below the previous low from the breakout.