Volatility is high. I think better to focus on recent supply and demand zone for trading. I have just identified the place to trade as a buying opportunity in the direction of the short-term trend.
Keep tracking the pair and catch all bull trades,
-> Taken Fib RetraceMent perfectly.
-> Bull HAMMER in 1WEEK that too, on 14 EMA.
-> UpTrend from over the weeks, time to go along the trend fam...
EURCAD 4 Hour Analysis (11 August 2023)
1. Price is in a channel
2. We can see bearish divergence with RSI
3. If the price breaks from the channel high, we
can expect long
4. If the price breaks from channel low,
5. So, we will wait for proper confirmation
then we can enter
The pair is bouncing from the support. This is a key pivot level which has been tested several times in the past. The momentum oscillators are also showing a slight positive divergence. Longs have a clear risk management below the support level and we can see a substantial rally from this level.
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