EURCAD has approached a very interesting level where we could see a massive bounce off.
We have the parallel channel which has been respected well and we're currently in a relatively smaller ABC wedge, which is often a reversal pattern.
Trade Idea:
- Watch for a bounce off the parallel channel support for a risk entry
- For a safe entry, enter after the red descending trendline breaks
- Stoploss below the parallel channel
- Swing TP is the parallel channel resistance (1700pips)
- You can take TP at the significant price levels as indicated in the chart.
First TP: Wedge resistance (500pips)
Second TP: Previous highs (930pips)
Third TP: Parallel channel resistance (1700pips)
If you enjoyed this analysis, do give it a thumbs up!
Goodluck and as always, trade safe!
We have the parallel channel which has been respected well and we're currently in a relatively smaller ABC wedge, which is often a reversal pattern.
Trade Idea:
- Watch for a bounce off the parallel channel support for a risk entry
- For a safe entry, enter after the red descending trendline breaks
- Stoploss below the parallel channel
- Swing TP is the parallel channel resistance (1700pips)
- You can take TP at the significant price levels as indicated in the chart.
First TP: Wedge resistance (500pips)
Second TP: Previous highs (930pips)
Third TP: Parallel channel resistance (1700pips)
If you enjoyed this analysis, do give it a thumbs up!
Goodluck and as always, trade safe!
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