EUR / CAD LONG
Very strong channel formed on the daily. at least 4 bounces off of both the upper side and the lower.
On 4h price is showing a possible reversal off of the 0.618 fib and 50MA indicating a possible run towards the upper channel line again. Price is also interacting with a daily level and also on the 1H timeframe interacting with the 200MA.
Scenario 1:
Price reverses and has another run to the upside.
Scenario 2:
Price pushed downwards towards the lower channel area.
On 4h price is showing a possible reversal off of the 0.618 fib and 50MA indicating a possible run towards the upper channel line again. Price is also interacting with a daily level and also on the 1H timeframe interacting with the 200MA.
Scenario 1:
Price reverses and has another run to the upside.
Scenario 2:
Price pushed downwards towards the lower channel area.
Trade closed: stop reached
Unfortunately I didn't take into account the spread of the pair at the time so this stopped me out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.