Long EURCAD Longterm Based on 1D Chart

Since gapping up, price has tested and respected a major support/resistance area bounced up from it. Today we've seen price has touched this major support level and price did pierce through but quickly pulled backed and has respected this level. Zooming in on the 4H time frame, candlestick pattern confirms a reversal in the downtrend to an uptrend is probable and momentum is changing with stochs touching 10% oversold.

Check lower TF's for best entry. I've placed Stop loss very tight on the chart but do your own analysis, I may make mine wider.

This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.

Please comment below and Like if you agree with my analysis.

Сделка активна:

I've entered on the 2H TF @ 1.48298 and will be monitoring this closely.

Сделка закрыта вручную:

Doesn't look like this will pull back now.. I will be monitoring to see if it is worth re-entering.