In the last few days, I noticed multiple ideas calling for longs on EURUSD and EURCAD. the long argument is based on the idea that we are testing an important monthly resistance.
in the same time, you should consider the following:
1-a two years mega bearish trend will not easily reverse because of a breakout on the 4h chart and resistance ( as in the case of EURCAD). or because of the resistance ( as in the case of EURUSD).
2- US and Canada are not really affected by the Russian invasion as you may think. Europe is much more affected as it is dependent on Russia and much more on risk if the war continues and it will probably continue. so the EURO will probably keep failing.
in conclusion, I believe that you can make some profits from the pullbacks, but be careful as it may reverse down really fast.
in the same time, you should consider the following:
1-a two years mega bearish trend will not easily reverse because of a breakout on the 4h chart and resistance ( as in the case of EURCAD). or because of the resistance ( as in the case of EURUSD).
2- US and Canada are not really affected by the Russian invasion as you may think. Europe is much more affected as it is dependent on Russia and much more on risk if the war continues and it will probably continue. so the EURO will probably keep failing.
in conclusion, I believe that you can make some profits from the pullbacks, but be careful as it may reverse down really fast.