EUR/CAD Short Setup (Midweek Reversal Play)
Currently holding a short position on EUR/CAD for the past two days. Price has been hovering around the entry point, showing signs of accumulation and low momentum — likely building volume for a directional move.
Daily Chart: Price is rejecting a significant resistance level, with today’s candle potentially forming a doji. If this confirms, we could see an evening star setup into tomorrow, signaling a strong midweek reversal.
4H Chart: Multiple upper wicks — at least 7 or 8 — show repeated rejection and failure to break higher, indicating strong selling pressure just above our level.
1H Chart: Less conclusive, but not contradicting the higher timeframe bias.
No major EUR news expected this week, which leaves room for technicals to take the lead. Targeting a 1:4 to 1:5 risk-to-reward move, aiming for a sharp drop into recent lows or the next significant demand zone.
Currently holding a short position on EUR/CAD for the past two days. Price has been hovering around the entry point, showing signs of accumulation and low momentum — likely building volume for a directional move.
Daily Chart: Price is rejecting a significant resistance level, with today’s candle potentially forming a doji. If this confirms, we could see an evening star setup into tomorrow, signaling a strong midweek reversal.
4H Chart: Multiple upper wicks — at least 7 or 8 — show repeated rejection and failure to break higher, indicating strong selling pressure just above our level.
1H Chart: Less conclusive, but not contradicting the higher timeframe bias.
No major EUR news expected this week, which leaves room for technicals to take the lead. Targeting a 1:4 to 1:5 risk-to-reward move, aiming for a sharp drop into recent lows or the next significant demand zone.
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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.