EURCAD - is this turning bullish? 05 Nov 2021
Is the bearish trend coming to an end?
I have no idea, but I do know that:
- 1.4300 is a solid S/R area
- price has been consolidating in a tight structure since 13 Oct.
- the bears made at least 2 major attempts to break below but failed.
- we seem to have made a higher low and for now the price action seems restricted to the top half of the structure.
Ideally a break above this corrective structure followed by a pullback would be a signal to take a long trade.
If price gets there, I would also consider taking a long at the bottom (1.4300) with a tight stop loss.
Before that happens, I will be monitoring the price action on the H4 chart, to try and determine if the bulls or bears are likely to take control of this market.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.
I have no idea, but I do know that:
- 1.4300 is a solid S/R area
- price has been consolidating in a tight structure since 13 Oct.
- the bears made at least 2 major attempts to break below but failed.
- we seem to have made a higher low and for now the price action seems restricted to the top half of the structure.
Ideally a break above this corrective structure followed by a pullback would be a signal to take a long trade.
If price gets there, I would also consider taking a long at the bottom (1.4300) with a tight stop loss.
Before that happens, I will be monitoring the price action on the H4 chart, to try and determine if the bulls or bears are likely to take control of this market.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.
Comment:
Pinpoint entry at 1.4310 and now closed.
