On this pair we just retested the trendline and broke above it but we broke back below, So it might be a fake-out in order to chase SLs.
We expect at least a retracement of the price on the previous impulse leg to the 0.618 which aligns with the first target and then the second target will be on the 0.782 FIB level. From A COT perspective we do have an increase on the net position on CAD and also same thing for the US dollars which doesn't specifically confirms this setup but on the flip side our SL is protected by the trendline resistance as well as the supply area just above it.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
We expect at least a retracement of the price on the previous impulse leg to the 0.618 which aligns with the first target and then the second target will be on the 0.782 FIB level. From A COT perspective we do have an increase on the net position on CAD and also same thing for the US dollars which doesn't specifically confirms this setup but on the flip side our SL is protected by the trendline resistance as well as the supply area just above it.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!