A quick look at the currency crosses (featured in the types of forex currency pairs post in the forex education section) on Thursday, with a look at EUR/CAD.
First up on the daily chart you can see the higher time frame support zone that we currently have in play:
EUR/CAD Daily:
From here, if the higher time frame support level holds, we would zoom into an intraday chart to look for long entries.
So zooming into the hourly chart, it’s here we want to see any sort of retest of short term resistance turned support:
EUR/CAD Hourly:
As you can see, there are plenty of different ways you could view this, but just remember that the whole idea of waiting for this confirmation is so you have a level to manage your risk around. Take your pick between the levels that we have, and place your stop loss accordingly within your own risk profile.
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