After refusing to create a new structure low & creating a higher high higher close, my expectation is that we will see a 3rd drive up on the EURCAD. In order to get involved on that 3rd drive there are 2 opportunities present.
1) Price action has recently put in a bullish flag formation. This type of pattern formation typically breaks out to the upside extending the length of the flag pole.
2) If price retraces lower we have a good previous level of support (yellow box) that can be used as a killzone to enter a trend continuation trade long.
As mentioned in the video, the higher timeframe outlook is a little confusion due to the impulsive reaction that took place during the Trump election, but overall i do think there is room for this pair to continue bullish and at least retest the previous structure highs.
1) Price action has recently put in a bullish flag formation. This type of pattern formation typically breaks out to the upside extending the length of the flag pole.
2) If price retraces lower we have a good previous level of support (yellow box) that can be used as a killzone to enter a trend continuation trade long.
As mentioned in the video, the higher timeframe outlook is a little confusion due to the impulsive reaction that took place during the Trump election, but overall i do think there is room for this pair to continue bullish and at least retest the previous structure highs.
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