$EURCAD Long @ 1.4872 SL 1.4810 TP 1.5025 then short SL 1.5125 TP 1.4662
Better GDP, better inflation, better employment numbers, there is just no way there's gonna be another rate cut... we are looking at a 400-1000 pip short opportunity...
Showing how price levels can be 'predicted' with slopes
If this works out (LOOKING MUCH MUCH LOWER THAN 88.30) then I'm a Forex God ;-)
Taking 25% off at 1.5390 and 1.5340.
Interesting confluence (see yellow ellipse)
A bounce from oversold conditions and approaching monthly options expiry.
That would be the last level to stay bullish. The SL might be too large though... might want to cut the trade if price action shows no resistance around 1.0910.
Above 123.75 the pair becomes extremely bullish...
A (re-) test of 1.1104 (the 38.2% from the April/May move) might be in the cards. The ideal entry to go long would be 1.1085 with a stop under 1.1065. Further risk to the downside is 1.1025, below that would probably mean to re-think the bullish bias. One of the conservative targets is 1.1725 if price can successfully break through 1.1455.