EUR/CAD POTENTIAL SHORT|MULTI-TIMEFARME ANALYSIS

The pair was trading under the major resistance structure for the entire month of May.

It can be seen that the attempt of the breakout was rejected firmly.

Now, looking at a 1H chart, we see a small support level. If there is a confirmed breakout, i.e. 1H candle closes below the level, then wait for a pullback and short from there with the limit order.

If there is no breakout, of it is unconfirmed, the setup is invalid.

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Comment:

It might play out as a head and shoulders pattern, too! Should that be the case, it adds to the arguments in favor of the short!

Comment:

Target reached!