I believe there is a high probability of reversal based on the Time cycle zone (two vertical lines) in EUR/CAD. This analysis is based on m30 timeframe but I defined the important price levels from H4 as you see in the chart above (dark background).
Time cycle zone shows best time to open position. It means the time period between two vertical lines is the best time to open position (here, buy position). But here, I prefer to wait more and get into the position as price reaches to the end of zone (second vertical line). It might also go upward before reaching to the second vertical line.
Make sure to Like and follow so you will receive notification of analysis update in a real time.
Good luck
P.S. Note that this analysis is my opinion and might be wrong. It is not a trading advice.
Comment
⋅
for now, this time cycle zone has worked better in EUR/USD :)
But I don't lose my faith, it will work in EUR/CAD too, just needs more patience ;)
let’s see what happens
Trade closed: target reached
⋅
It worked well and as I mentioned that drop in m30 became a false breakout so I'm out here, but it might continue upwards to the Pink horizontal line or more.
@plancton0618, Thank you for sharing your opinion. Good luck
Market-Symmetry
⋅
It seems it had to reach to a certain price level before moving upward
P_T_C
⋅
@Market-Symmetry, Thank you for your comment. Yeah, it is now in the support areas defined by H4 timeframe. Actually I expected to see this downward movement during the time cycle zone and that is why I mentioned for this analysis I will wait more. But it happened after the time cycle zone. I expect that it goes upward from here. Although it might take even a little more time (few candles more) before going upward but it will go up in a way that this drop will become false breakout.