EURCAD 2 possible scenarios in my opinion:
So the price is about to reach important zone of S/R and there are 2 options:
1. If we see a reaction from this level: small range, consolidation, wicks, etc. ... I will look for longs with nice RR.
2. A strong closure under the support suggests a bearish move, so I will make entry on the pullback.
IF price makes some weird shit, which is far from what I expect, I will stay away from it.
So the price is about to reach important zone of S/R and there are 2 options:
1. If we see a reaction from this level: small range, consolidation, wicks, etc. ... I will look for longs with nice RR.
2. A strong closure under the support suggests a bearish move, so I will make entry on the pullback.
IF price makes some weird shit, which is far from what I expect, I will stay away from it.
Comment:
It looks like the second scenario is in play, so a nice 1H pullback to the zone will be nice for a 1:3 short.
Order cancelled:
Unfortunately EURCAD didn"t gave any opportunity for entry. I was waiting for a bit higher pullback, but that never happened, so I will let this pair free for now :)