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forexwithfred

EUR/CAD - Break of Market Structure

Short
Euro / Canadian Dollar (FX:EURCAD)  
forexwithfred  
FX:EURCAD   Euro / Canadian Dollar
Multiple Time Frame Analysis Chart Patterns Beyond Technical Analysis liquidity marketstructure breakout EUR CAD EURCAD algotrading
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mtfa chartpattern beyondta liquidity marketstructure breakout eur cad eurcad algotrading
What Is The Market Telling Us?
  • Price has been in major downtrend since 21st April
  • Break of market structure occured (BMS), pushing price downwards
  • Price is currently forming a retracement phase before bearish impulse

What are Market Participants Doing?
  • 89% of retail traders are long, meaning instituions are still shorting this pair
  • Smart money report (banks & institutions) show over a 90% consumption on EUR shorts
  • 20,000 lots on EUR has been added to the short side
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