for those who are struggling to find the next strong support of EURCAD this post will help a lot.
to identify the next area of demand, first of all, we look left at structure and on the weekly, the first strong level that was respected in the past is 1.42 level.
to confirm the significance of this level we use a fib. retracement of the major impulse and look for a match between fib levels and our underlined level. here we go, a perfect match with 618.
also, analysis the last bearish impulse and projecting it to the downside, we see how a completion point of the harmonic movements matches with the structure.
based on this analysis, I will look for long opportunity only after the market reaches this level, for now, buying the market will be very very risky for us.