I think this is risky. It is more preferable to target upward movement. Both CAD and EUR are being depreciated by USD by their interest rate differential prices and the CAD is depreciated larger than EUR, at such the EURCAD movement to upward carry the lower risk than to downward as well as wider PIPs to be targeted.
AschraM
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@Johanes, I can agree with this. We can either go down another leg if we get a kiss goodbye at the retest zone or go up from here. I see what you're looking at but both scenarios are possible depending on what frame you trade. I am looking to buy up and see what happens at the correction zone he mentions above. There we will see the story play out on the hourly :)
AschraM
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@Johanes, the double top makes me think it may go for a farther push down as he shows above.