I have opened a EURCAD short position as I believe, based on the Elliot Wave theory that the price is currently in the process of forming a wave (iii) within an overlying cycle.
The overlying cycle is currently within a wave three as well, which is usually an indication for rapid pro-trend movements.
Based on that I am expecting new lows within the coming weeks and most certainly a test of long lasting up-trend channel.
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