EURCAD: Bears Dominated The Market, Main Target Done!
ICN.com | Apr 10, 2015 05:36AM ET
Resuming our technical analysis series started on April 01 , we see how the cluster resistance of 1.3750 has been able to stop the corrective actions, pushing the EURCAD pair to the downside.
On April 07 , we said “areas of 1.3390 could be the target of our setup” and the pair has plummeted through support levels-turned into resistance- reaching this level today.
Eyes are now on 1.3280, marked by 127% Fibonacci projection level of the last corrective rally from 1.3383 to 1.3759 as seen on the provided daily chart.
For those who didn’t close shorts, we can close 50% of the quantity, while those who kept selling with us from 1.3750 and took profit at 1.3390, they can re-sell the pair again with intraday corrective actions, while new stop loss is at 1.3480.
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