EURCAD Symmetrical Reversal & Below 50 MA
EUR weakness proving a consistent theme across some of the longer timeframe charts.
EURCAD has almost fully reversed the Jan-Mar ascent and with startling symmetry. We saw price pay the upmost respect to the 2016 high with a few wicks breaching the level before sellers drove price south.
For clues as to where this pretty choppy pair might head next it is worth noting that price is now below the 50MA for the first time since April 2017 and we have a little way to go before the next which awaits at 1.4422 at the confluence of the Sept 17 low and what is a relatively flat 200 MA (blue line)
Recent history suggests this pair trades rather erratically so the author recommends staying nimble , locking in profits quickly to limit any nasty surprises