Last week's range was approx 100 pips whilst the 20-week AWR was 151 pips. It was a "miss" hence I am anticipating a price expansion (weekly) probably hitting 10% more than next week's 20-week AWR, which probably be around 160-170 pips give or take. My bias for USDCAD is bullish hence I am looking at "support" levels to go Long. If price enters in the liquidity...
Thanks to liquidity run before the ECB rate decision towards .88900 - .89000, it activated P1 (Price broke and close below Tuesday-Wednesday low) and I am intraday bullish bias for EURGBP. There are two potential targets for my bullish intentions for this pair which are the 20-week average range (upside projection) and the Boomerang target. If you do not know what...
1. Weekly Pivot wasn't touched (Rob Booker concept) 2. Boomerang Level was formed 3. Weekly Range Projection was exceeded (following week is reversal/retracement bias) 4. Price-RSI Convergence (high probability price could turn) Refer to the link below to understand what is Boomerang Level