EUR/CAD has been in consolidation on the 8H chart for now 3 weeks.
It's failing to make a move down. Bulls are getting in and preparing for the bullish move thus preventing the pair to make a move down to a lower low.
Leave 80-100 pips SL and double the TP.
You will have to hold this position for arround a week or more.
Trade safe.
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Early entry but SL is down enough. If the 1.50 support is unable to hold, then this would be a turning point of the long term move. It'll just fall down.
I am keeping my position open, expecting a bounce back up. If it's not able to, then I will look for a shorter further below. No confirmation yet that it's going to fall.
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If the 1.50 fails, then aim for 200 EMA on weekly.
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How this can turn out if the 1.50 holds strong.
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Prices moved back up to last 1H support. It might consolidate there for a while until it can break it back and find support on top of it anew.
I closed my trade for the weekend. Next weeks, depending on how it goes, I will either long term buy or long term short. One thing is certain, a big move is going to happen within next 2 weeks.
For EURCAD to happen, the support on 1.50 must hold strong. Prices have to make a push up and low test to confirm it can't go down. Then we have our confirmation for the push up.
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All is going as expected. Waiting for the 4H low test to catch the move.
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Low test is going on, let's wait for the confirmation that the support is strong and go for the buy again!
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EUR/CAD making one last low test before the move up. Let's see how it holds.