See daily chart of EURCAD below for the discussion that follows.
EURCAD broke below a support area that has been tested more than once over the last couple of months. If price can retrace back to resistance (previous support), I will look to enter a long should I see the relevant price action candle formations as per my strategy.
Many of the EUR pairs has been very weak over the last couple of weeks / months and, in my opinion, are good candidates to short.
Remember, always have your own trading plan and never follow other people blindly. Always know where you will be proven wrong on any trade and have stops in place. Stick to your stops and never bet the farm.
On Ideas: Please don’t take this as trading advise. Please do your own due diligence before entering any trade. Also see Disclaimers.
Thanks for reading.