EURCAD - 4hrs ( Sell Trade Target Range 150 PIP )

25 Sep 2024

🟢Pair Name : EUR/CAD
Time Frame : 4hrs Chart / Close
Scale Type : Large Scale
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🟢Key Technical / Direction ( Short )
Type : Mid Term Swing
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✅Short Opportunity (Bearish Break)
Key Level: 1.50100
This is the area where you’re looking for a potential short entry, expecting a bearish continuation.

Reasons for Entry:

✅ Major Turn Level: This refers to a significant price area where price has historically reversed or paused, indicating it's a critical level.

✅Visible Range: This likely refers to a visible volume profile tool, highlighting price levels that saw high or low trading activity. The focus here might be on low-volume areas (LVNs), which could indicate a lack of interest at this level and easier price movement downwards.

✅Fibonacci Golden Zone: A retracement into the 61.8%-65% zone, which is a commonly watched area for reversals or trend continuations.

✅Choch Zone: This could stand for "Change of Character," a price action term often used to describe a shift from a bullish to a bearish structure, indicating a potential trend reversal.

✅Weekly Low: The price is testing or approaching the low of the weekly timeframe, often a critical level that traders use to confirm the strength of a trend.

✅Major Trend Line 4th Bounce: This suggests that the price is touching a long-standing trend line for the 4th time, which can either act as strong support/resistance or eventually lead to a breakout after several tests.

✅Target (Bullish Reversal)
Key Level: 1.48500
This is where you’re watching for a bullish reversal, expecting price to find support and possibly reverse upwards.

Reasons for Reversal:

This level could be supported by similar technical reasons, such as the proximity to important support zones, Fibonacci retracements, or moving averages.