In our Analysis from 12.05.2022 of the currency pair EUR/CAD, we expected the price to move upwards until the end of the month. This scenario failed, the long positions that were opened were closed at a loss.
Currently, the price reached the lowest point of the previous month in the zone of 1.34 (round number). Our STS_RSI_MTF_Indicator shows oversold condition on all large timeframes, from H4 to Monthly, with extremely low values. Our STS_ATR_Distance_Indicator shows that since the beginning of the month we have passed 84% of the Monthly ATR (Average Monthly movement for the last 6 months). We expect the price to enter the trading zone, defined by us, with up level at 1.3384 and down level at 1.3233, where it will find support and make an upward movement.
Based on the above arguments, we loaded our STS_Zig_Zag_Bot to open long positions on each H4 candle in which we have a descending 20-period Zig Zag and to close all positions on an ascending 20-period Zig Zag on the H4 timeframe.
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