Argeting Last Year’s Low

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Updated: 12 February 2020

Good day traders! EUR/CAD continues selling off and my first target at 1.4541 has already been reached.

Price is currently approaching this year January’s low at 1.4450 which I expect will be taken out, with last year’s October low at 1.4414 not far below there.

Conclusion:

My blue downward-sloping pitchfork’s lower median line aligns with last year’s low and I do expect some profit taking soon but any correction higher could present another selling opportunity.

Bias: Bearish

Potential Support Level: 1.4414

Potential targets: 1.4450 and 1.4414

Until next time, happy and safe trading!

Richard Krugel