USD/CAD: the fights around 1.28

USD/CAD: the fights around 1.28

Recommendation:

BUY 1.2920 SL 1.2865 TP1 1.3020 TP2 1.3160 TP3 1.3290

SELL 1.2730 SL 1.2785 TP1 1.2630 TP2 1.2570 TP3 1.2000

On the daily chart of USD/CAD, there’s a “Spike and ledge” pattern. A successful test of the lower border of the 1.2730-1.2920 consolidation range with the following renewal of May high opens the way up to 127.2% target of AB=CD. On the other hand, a break of support at 1.2730 will increase the odds of 127.2% target of a “Bat”.   

CAD1.png 

On H1, the risks of USD/CAD going to 88.6% and 161.8% targets of “Shark” and AB=CD are balanced.

CAD2.png

cad

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EUR/USD found a double bottom

On the daily chart of EUR/USD, bulls are trying to form a double bottom with the help of a bar with the long lower shadow. Bears are still hoping to trigger AB=CD pattern with targets 127.2%, 161.8%, and 200%.

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