EURCAD Long

The Euro had made a strong move from 1.42 to 1.60 early in the year. Price then retraced (.50 level) and consolidated around 1.50.

A second impulsive wave has seen price again move to 1.60 and in the last few bars retrace.

This could be the start of a double top or maybe the handle is forming for a C&H .... it's too early to tell.

The bias is presently set to the long side ( all short term MAV in alignment)..... A suggested long

1. Enter - around 1.56 (20 MAV)

2. Target - 1.67 ( beyond 2018 high and 1.27 extension)

3. Stop - 1.51 ( near lows of consolidation and more 3 atr)

4. RR = 2.5