Weekly chart:
The big picture led the last return movement precisely to the edge of the green correction zone. With all the news surrounding the ECB, the price shot right up, thereby showing a clear tendency toward continuing the trend. With a stop loss beneath the 1.36251 CAD, a long trade could be hazarded here.
Daily chart:
Yesterday’s rise was able to overcome the downtrend. Nevertheless, the principle that a break in the trend does not necessarily have to lead to a new trend is definitely valid in this trend size. Patience is still required here, therefore, until a new uptrend has formed. For this, we need a correction and then a movement that leads above the current point two at 1.46509 CAD.
Hourly chart:
The news dragged the price dramatically high, but the current correction is conducting a downtrend once more. In order to go back in the direction of the higher trend again, we need an uptrend here. So here, too, patience is also required.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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