What do you guys think on EUR/CAD? Clearly it's been trading in this 1.51-1.53 area for awhile. This means it will obviously break from this range at some point...so looking at the weekly chart I could see it going either way, but I'd be leaning more toward the short side based on how it's acted in the past. There is a lot of 'open air' under the current range. I think if it ultimately decides to keep moving up it will have a tougher time.
Monthly & weekly look bullish, it's all relative to what time you are willing to dedicate to this trade. What I did notice is that price's broken a weighted resistance level & has been providing good short term trades both buying & selling it depending on price action. I would just continue trading shorter TFs round that level on both sides & when daily shows signs of being oversold (as IMO it's neither here nor there) go Long upon a break of that previous resistance now support level. But all good, if that's how it play out
2nd attempt to break weekly now support 2.3916. 240 min chart also features a H&S pattern and my short should benefit further from a possible break of ~2.3800
in line with expectations so far, RSI/MACD looking good, 2.3916 (weekly) support broken & now temporarily became resistance, 2.3867 (previous weekly support) is providing support at the moment. Considering chart formation on 240 that level should not be an obstacle, temporary at best. Also H&S's support line has been broken, but waiting for bar to close below it.