EURCAD ABC

Here is a look at the EURCAD with a consideration of a long term ABC pattern.

The first leg , the A wave , was an impulsive move from 1.75 to 1.21.

Then a consolidating wedge from 2012 to present - with 5 waves that may of completed in mid 2018.

The present wave down has reached trendline support and have broken and retested the 200 MAV.

Its watch and wait to see if there is a definitive break below 1.45 .

IF so , start looking at the support of the minor waves in the prior consolidation and interim targets of 1.38 and 1.31.

My general tone is bearish on the EURO , with the forward guidance of the ECB being dovish.