- EUR/CAD bulls in control in the bullish territory above structure.
- Bulls target a run towards higher volume nodes and a higher high.
EUR/CAD is in bullish territory and well on its way for prospects of a higher high.
The following is an hourly analysis that shows the potential for a trade set up on the 15-min time frame that offers a 1:3 risk to reward ratio.
As can be seen, the price has pulled back into a liquidity area and has soaked up the offers, making room for the bulls to chase down higher volume zones on the 1.55 level.
15-min chart setup
The bulls will want to see a discount on the lower time frames and the 15-min chart is where a buy limit can be left to trigger an entry at an optimal level within the price action.
There have already been opportunities, so this horse may have already bolted.
Bulls can enter at-market for a lower reward to risk ratio or bring the stop loss up to a higher support structure to maintain a 1:3 R/R.
However, the price can be monitored and if 1.5480 new support holds above the optimal but limit at 1.5475, then the trader can decide to enter at the market or wait and risk that price rallying and not being on board.
As soon as the position is entered, the trader should monitor for new higher support structure on the 15-min chart from which to protect the entry point by moving the stop to breakeven.
Update: Breakeven achieved
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.