Welcome back, guys! 👋 I'm Skeptic.
Today, we’re diving deep into EUR/CAD, analyzing key levels and potential triggers. 🔍
Market Structure & Current Outlook
Looking at the 4H time frame, we initially saw an accumulation phase from February 3rd to February 24th. After breaking out from the accumulation range, price rallied strongly, continuing the major uptrend until 1.58552.
Following this peak, EUR/CAD entered a corrective phase, forming a secondary downtrend that retraced to the 0.5 Fibonacci level.
Now, the minor downtrend has broken, signaling a potential continuation of the major 4H uptrend. With strong confluence for a bullish move, we’ll be looking for a long setup, but we’ll also prepare for a potential short trigger in case price reverses. Remember, as traders, we analyze the market from both perspectives and execute based on confirmations—skeptical eyes always! 🔮👽
📈 Bullish Scenario (Long Setup):
🔹 Trigger: Break & close above 1.55849
🔹 Confirmation:
🔹 Invalidation: Rejection & close back below 1.54325
📉 Bearish Scenario (Short Setup):
🔹 Trigger: Drop below 1.53291
🔹 Confirmation: RSI entering oversold zone
⚠️ Key Notes & Risk Management
🔹 Fundamentals:
🔹 Risk Management:
Stay sharp, and I’ll see you in the next analysis! 🚀
Today, we’re diving deep into EUR/CAD, analyzing key levels and potential triggers. 🔍
Market Structure & Current Outlook
Looking at the 4H time frame, we initially saw an accumulation phase from February 3rd to February 24th. After breaking out from the accumulation range, price rallied strongly, continuing the major uptrend until 1.58552.
Following this peak, EUR/CAD entered a corrective phase, forming a secondary downtrend that retraced to the 0.5 Fibonacci level.
Now, the minor downtrend has broken, signaling a potential continuation of the major 4H uptrend. With strong confluence for a bullish move, we’ll be looking for a long setup, but we’ll also prepare for a potential short trigger in case price reverses. Remember, as traders, we analyze the market from both perspectives and execute based on confirmations—skeptical eyes always! 🔮👽
📈 Bullish Scenario (Long Setup):
🔹 Trigger: Break & close above 1.55849
🔹 Confirmation:
- 7 SMA below the breakout candle
- RSI entering overbought zone
🔹 Invalidation: Rejection & close back below 1.54325
📉 Bearish Scenario (Short Setup):
🔹 Trigger: Drop below 1.53291
🔹 Confirmation: RSI entering oversold zone
⚠️ Key Notes & Risk Management
🔹 Fundamentals:
- This Friday is NFP day, a crucial event that could create volatility in the market.
- Always consider fundamental catalysts when executing trades.
🔹 Risk Management:
- Avoid overleveraging.
- Wait for confirmed breaks before entering positions.
- Stick to your trading plan and stop-loss strategy.
Stay sharp, and I’ll see you in the next analysis! 🚀
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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.
Related publications
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.