EURCAD MARKET ANALYSIS

 Good morning traders, I hope you all had an amazing weekend and you're ready to tackle the new week in the markets as a new week comes with new opportunities. Into the markets today I'm looking at EURCAD where price rallied into a major H4 & daily chart supply zone at 1.46118 & 1.45338 which is the origin of the previous drop to the 1st H4 demand at 1.43404 & 1.42625 and also the major drop to the major daily demand zone at 1.34095 & 1.33204. Price filled the H1 & H4 range from the major H4 & daily supply to the 1st H4 demand zone and back to the major H4 & daily supply zone. Price rallied into supply and faked out a break with candle close above supply on H1 & H4 but on the daily chart price formed a strong rejection wick with candle close inside supply. This was followed by a strong bearish engulfing candle on H4 back into supply then a slight drop to 1.45338 still inside supply as market closed last week.
Market opened this week and rallied slightly deeper into supply to 1.46000 during Asian session as we approached the start of London session. Price hasn't broken supply and instead formed a strong rejection wick on H4 followed by a strong H1 bearish engulfing candle during London session open showing a possible bearish reversal. Took sell positions during London session at 1.45807 with SL at 1.46140. Setup taken is a rally base drop, a reversal setup and my 1st target is at the H4 low at 1.44200 before price either shift or continues with the drop to the H4 demand zone at 1.43404 & 1.42625.

Price dropped in one large H1 bearish engulfing candle to 1.45431 followed by a drop to the 1st H1 low at 1.45230. Price failed to take out the H1 low and instead rallied back into supply causing a slight consolidation at 1.45338 before a continuation of the drop. Price is slowly accumulating the orders required to push price lower meaning I'll have to be patient with this setup for more momentum later into NY session. Still holding my positions and my targets remain as previously mentioned at the H4 low at 1.44200 and at the H4 demand zone at 1.43404 & 1.42625 if price takes out the H4 low.