EURCAD - To rebound after retest of structure support?
PAIR IN FOCUS: EURCAD
ACTION: LONG
HORIZON: SHORT TO MEDIUM-TERM
After dipping into multi-time frame structural support, price printed a bullish engulfing candle on both H4 and H1 time frames. On the lower time frame, we can see that price has slightly broken the recent swing high, formed and retested the support. Price could continue climbing higher, otherwise, it could break down and possibly form a double bottom in the multi-time frame structure.
TP 1 @ 1:1 R:R
TP 2 @ 2:1 R:R
Stop loss will be slightly below the structure support at 1.51000 range.
Let's see how this works out! Cheers!
ACTION: LONG
HORIZON: SHORT TO MEDIUM-TERM
After dipping into multi-time frame structural support, price printed a bullish engulfing candle on both H4 and H1 time frames. On the lower time frame, we can see that price has slightly broken the recent swing high, formed and retested the support. Price could continue climbing higher, otherwise, it could break down and possibly form a double bottom in the multi-time frame structure.
TP 1 @ 1:1 R:R
TP 2 @ 2:1 R:R
Stop loss will be slightly below the structure support at 1.51000 range.
Let's see how this works out! Cheers!
Note
TP 1 reached +36 pips and shy of TP 2 by 11 pips!Lets see if it will climb to reach TP 2! Cheers!
Trade closed: target reached
TP 2 reached as well +72 pips, cheers!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.