Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
EUR/JPY: let's sell the euro
Recommendation:
SELL 126.75 SL 127.3 TP1 125.75 TP2 125.35 TP2 124.1,
SELL 127.2 SL 127.75 TP1 126.2 TP2 125.75 TP3 125.35
On the daily chart of EUR/JPY, the implementation of the "Spike and Ledge" pattern, in particular, the fall of the pair below the lower border of the "ledge" between the 127.6 and 129.25 levels, made the pair reach the 88.6% target of the "Shark" pattern. As a result, the odds of the reversal towards the 23.6%, 38.2% and 50% levels of the CD wave increased. On the other hand, the update of the December's maximum will pull the pair further down towards the 113% target.
On H1, the reversals towards the 126.75 and 127.2 resistances may be used to open short positions.
Ivan Karamazov
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