EURCAD - Heading back lower to daily support?
2020-01-16 22:50:00
PAIR IN FOCUS: EURCAD
ACTION: SHORT
HORIZON: SHORT-TERM
Price previously broke up out of the range but did not seem to have any bullish momentum to carry it further. After reaching the 0.618 Fibonacci retracement level, price seems to reject it. Price was also moving in a rising wedge pattern, broke down of it and retested the lower bound. If we have clean break down the S/R level, we can look for the downside TP targets.
The TP levels and Stop Loss are indicated on the chart. Remember to manage your risk!
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