Hi Traders,
We are a few hours into the New York session and I’ve been looking at EUR/CAD.
We have some interesting price action revealing itself, Price has managed to push and close above our previous resistance at around 1.37500. Since then it has pulled back into the range and continues to make lower lows and lower highs on the pullback, The overall structure remains bullish in my view unless price takes out the demand zone which I have mapped out.
If price is able to pull back into my demand of around 1.33500 I would begin monitoring to see if the structure will hold or break, If it is able to hold I would like to see price push away from the demand and then come for a retest where I will be interested in buying.
My target will be the previous high at 1.3800. If price just continues pushing lower I will then clear the chart and wait for the next setup.
Be sure to trade safe and remain disciplined
Renaldo Philander
We are a few hours into the New York session and I’ve been looking at EUR/CAD.
We have some interesting price action revealing itself, Price has managed to push and close above our previous resistance at around 1.37500. Since then it has pulled back into the range and continues to make lower lows and lower highs on the pullback, The overall structure remains bullish in my view unless price takes out the demand zone which I have mapped out.
If price is able to pull back into my demand of around 1.33500 I would begin monitoring to see if the structure will hold or break, If it is able to hold I would like to see price push away from the demand and then come for a retest where I will be interested in buying.
My target will be the previous high at 1.3800. If price just continues pushing lower I will then clear the chart and wait for the next setup.
Be sure to trade safe and remain disciplined
Renaldo Philander