Good morning Traders!
EURCAD is on the move, and I am looking for a potential setup in the direction of the overall trend.
EURCAD
After a lengthly consolidation at the support level of around 145.20, the market broke lower to print another Lower Low. As the market is currently overextended from it’s Moving Averages, I am looking for a pullback to release some of this strong selling pressure.
Drawing the Fibonacci retracement of the latest Daily move, has the 61.8% retracement clustering nicely with this consolidation and support level.
If and when the market will pullback into this area, I’ll be looking for any signs that the pullback is over and the sellers are ready to take control of this market once again, for a potential setup in the direction of the overall trend. Keeping in mind that the area around the 142.40 could offer strong Support, as can be seen on the Weekly and the Monthly charts.
Happy Trading!
