Due to massive zigzags, the strategy of a small stop loss trade seems convinient.
I am not following the economic news of EUR/CAD. If this analysis is a killer, the trade can be performed with 2 units:
1º unit has a well defined target at reasonable price zone.
2º unit would serve as 'let the winner run', with a break-even position and possible target.
The...
Expecting trend-continuation.
If the position stays on, the stop loss would be moved to break-even after 2 days.
If the position stays on after 9 days, it should be ended.
Following the sentiment of a stronger dollar, this double bottom preceeded by a new structure high, RSI divergence and a dragonfly doji endorses the idea.
Since the major leg of March, 11th, its 61.8% retracement supported intraday price followed by a spike north and a new structure high.
Expecting @ 61,8% retracement of this new intraday leg and favorable price-action at this level for a long position.
Entry @ 0.7296, stop loss @ 0.7264 and first target an @ 0.7352
