Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Will EUR/USD reach 1.17?
Recommendation:
BUY 1.1540
SL 1.1485
TP1 1.1640 TP2 1.1695 TP3 1.1755
On the daily chart, EUR/USD bulls are trying to keep the pair above 1.1445 (50% of the long-term bullish wave). If they succeed, the pair will get a chance to form a senior “Shark” pattern. On the other hand, a break of support and the following decline to August low will trigger AB=CD with the target at 200%.
On H1, if EUR/USD exits the downtrend channel and tests resistance at 1.1540, bulls will be able to counterattack and form “Three Indians” pattern and the “Shark”.
Ivan Karamazov
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