Hello traders, I would like to share my view on EURCAD.
Let's start on Weekly TF: price is currently moving sideways, ranging between 1.57558 and 1.53486 Weekly key levels.
On the Daily: We can see a nice bounce off resistance line, where price started to making bearish trend, creating H/L. After push phase, price needs to exhaust.
On the 4h timeframe, which is my entry TF, we can see that price retraced off 0.61 fibo level, highlited on chart (Wicks).
In my eyes, once we see a bearish momentum, we are ready to enter the short trade, TP would be next W key level.
Feel free to share your thoughts and have a wonderful day.
Let's start on Weekly TF: price is currently moving sideways, ranging between 1.57558 and 1.53486 Weekly key levels.
On the Daily: We can see a nice bounce off resistance line, where price started to making bearish trend, creating H/L. After push phase, price needs to exhaust.
On the 4h timeframe, which is my entry TF, we can see that price retraced off 0.61 fibo level, highlited on chart (Wicks).
In my eyes, once we see a bearish momentum, we are ready to enter the short trade, TP would be next W key level.
Feel free to share your thoughts and have a wonderful day.
Trade closed: target reached
Closed in profit!
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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.