EURCAD - Retest of the descending triangle?
EURCAD finally made the bullish move I had been anticipating on my previous idea published 2nd June. Unfortunately, my buy limit did not trigger and I missed the whole move! Very frustrating but nonetheless satisfying to see my analysis play out as expected.
At CMP we have a break of the descending triangle to the upside, in line with what appears to be a resistance zone at around the 1.533 level.
I am expecting a drop from this area to retest the downtrend, we may either see price fall back within the triangle or a rejection and a long continuation. If price does happen to fall back within the triangle then I will classify the break as a fakeout.
Nice R:R on this, stops to be placed above the range at around 1.535! Let's see how it unfolds.
At CMP we have a break of the descending triangle to the upside, in line with what appears to be a resistance zone at around the 1.533 level.
I am expecting a drop from this area to retest the downtrend, we may either see price fall back within the triangle or a rejection and a long continuation. If price does happen to fall back within the triangle then I will classify the break as a fakeout.
Nice R:R on this, stops to be placed above the range at around 1.535! Let's see how it unfolds.
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