EURCAD Daily S/R| Bearish Retest| .618 Fibonacci| Price Action

FX:EURCAD   Euro / Canadian Dollar
Evening Traders,

Today’s analysis – EURCAD- price trading below Daily S/R where a bearish retest is probable,

Points to consider,
- Price Action Impulsive
- Daily S/R Resistance
(.618 Fibonacci Confluence )
- 21 EMA Local Support
- RSI Bullish Control Zone
- Below Average Volume

EURCAD’s immediate price action is below Daily S/R that is in confluence with the .618 Fibonacci, this allows for a bearish bias.

The 21 EMA is current support, holding this level is crucial in the coming hours.

The RSI is currently trading in its respective bullish control zone, holding this level is indicative of strength in the market.

Volume profile as of now is trading below average, an influx is highly probable when testing key trade locations.

Overall, in my opinion, EURCAD is a valid short with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps

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Nice and looking splendid. Thanks 🦐
+1 Reply
AzizKhanZamani plancton0618
@plancton0618 cheers 🥂
most of this currencies are easy to predict
+1 Reply
@abel11 yeah market structure helps a lot !
abel11 AzizKhanZamani
@AzizKhanZamani, thats right
+1 Reply
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