Lingrid | EURCAD breakout and RETEST Trading Strategy

Sep 17

The price perfectly fulfilled my last idea. It hit the target. Recently, the EURCAD broke and closed above a downward channel, by forming a ABC move. This bullish breakout is significant as it reflects a shift in momentum after a period of downward trend. The market has reached a critical area where previous sell-offs occurred, which suggests that there may be some resistance at this level. Given this context, I anticipate a short-term pullback as the market may seek to retest the channel's upper border before continuing its upward trajectory. Importantly, the major trend remains bullish on the daily timeframe, supporting the idea of a continuation trade following the anticipated pullback. My target is resistance zone around 1.52000


Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻