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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“You have power over how you'll respond to uncertainty.” ― Yvan Byeajee