EURCAD - 4hr chart short-term bullish pressure
Please refer to text on the chart.
EURCAD has had a massive sell off with almost no bounce. This must have exhausted many sellers. Now that price has its first bullish retracement and is holding near the highs, bullish momentum is likely to continue. Should the price continue, the R/R on the trade will be very favorable.
** Remember, we do not attempt to predict the future. We simply react to current price movements based on our interpretations of past data.
EURCAD has had a massive sell off with almost no bounce. This must have exhausted many sellers. Now that price has its first bullish retracement and is holding near the highs, bullish momentum is likely to continue. Should the price continue, the R/R on the trade will be very favorable.
** Remember, we do not attempt to predict the future. We simply react to current price movements based on our interpretations of past data.
Trade closed: stop reached
Stopped out for a small loss but still bullish on the set up overall. Will wait for another consolidation to appear for long entry.
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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.