This is a follow up to my post on this pair of 10 May. Although the May 10 session broke below support on an INTRADAY basis, bears were unable to close the session below the 1.5200 handle as per my post and as such I’ve been waiting.Today (Wed 18 May) we can see that the pair has taken out last week’s low at 1.5149 and in fact, currently trading at levels last seen on 17 January. The key factor is a daily close below channel support which is now closer to 1.5220/50. No doubt the bears are in control currently, we need a session close below 1.5220.
Traders also need to consider that since 20 March, this pair has carved a descending channel and now testing support at 1.5080. I don’t see this as a buying opportunity now rather than a retrace back to the 1.5220/50 zone before the next decline commences and that is if bulls can produce a bounce from channel support at 1.5080. Key support is at 1.5000 zone as the first target. BE PATIENT AND DISCIPLINED!!

EURCAD DAILY - FOLLOW UP 18 MAY 2018

Source: MARYNA MURRAY

2 thoughts on “EURCAD PLUNGES BELOW MULTI-YEAR CHANNEL SUPPORT – 16 MAY 2018”

  1. Hadyn S. says:

    Thank you for your recent post Maryna. I missed them after that virus scare you mentioned. Your analysis always help.

  2. Hi Hadyn, thanks for the positive feedback – always appreciated and hope your trading is going well?
    Kind Regards
    Maryna

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