Gucci_Belt

Weekly analysis 3/9/2022 EURCAD

Long
FX:EURCAD   Euro / Canadian Dollar
The last month of February I have been struggling with setups. the market was very choppy for me, and I was unable to find quality setups that I could trade. within the last few weeks there has been news of a lot of global turmoil and sentiment is unsettling with tensions between Russia and Ukraine. I seems like people are starting to Panick and trying to put their money into safe currencies to protect their equity for the upcoming events that could potentially unfold. Because of this and many other economic factors we saw a huge push in Gold and Silver respectively to all-time highs and yearly highs that objectively we have not seen in quite some time. My latest setup is in EURCAD, and I have been looking to find a trade and play of my break of structure system as usual. I entered in around 1.40119 and am waiting for price to play out in the next two weeks or month to see where it is headed. I am specifically targeting the high of the previous downtrend we saw in the 4-hour timeframe. there is some concerning aspect to price mainly the massive downtrend that EURCAD has been following on the daily timeframe. I am not necessarily looking for a complete reversal but a subsequent move where price moves back into the consolidation it has been in. However, while this plays out I am currently watching "safe" currencies and commodities specifically gold and silver because knowing the current state of the world it seems like the market is getting ready to make history in some aspects. overall make sure you manage your risk effectively and remember that nothing in this market is guaranteed.
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