Today’s analysis – EURCAD- price trading below Daily S/R where a retest is probable,
Points to consider,
- Price Action Impulsive
- Daily S/R Resistance
- 21 Local Support
- Control Zone
- Below Average
EURCAD’s immediate price action is below Daily S/R that is in confluence with the .618 Fibonacci, this allows for a bias.
The 21 is current support, holding this level is crucial in the coming hours.
The is currently trading in its respective control zone, holding this level is indicative of strength in the market.
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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