Analyzing the EUR/CAD chart, price action has reached a key support level and is currently consolidating within a narrow range, itself contained within a broader consolidation pattern. While the next directional move remains uncertain, my strategy is as follows:
Entry Plan:
Initiating a small long position at current levels
If price declines to the lower support zone, I'll scale into the position with additional size
Overall bias remains bullish, anticipating upward movement
Support Level Significance:
Support 1: Established since early September 2024
Support 2: Established since early March 2024
Given the length of time and the respect the price has for support levels, it would require significant selling pressure to breach both zones. This reinforces the long bias with a scaled entry approach.
*This is NOT financial advice
Entry Plan:
Initiating a small long position at current levels
If price declines to the lower support zone, I'll scale into the position with additional size
Overall bias remains bullish, anticipating upward movement
Support Level Significance:
Support 1: Established since early September 2024
Support 2: Established since early March 2024
Given the length of time and the respect the price has for support levels, it would require significant selling pressure to breach both zones. This reinforces the long bias with a scaled entry approach.
*This is NOT financial advice
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.
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.