EURCAD MARKET ANALYSIS

 Wassup everyone, into the markets today I am looking at EURCAD where price rallied into a major H1, H4 & daily supply zone at 1.48880 & 1.48460 which was the origin of the previous drop to the H4 & daily demand zone at 1.47700 & 1.47460. Price filled the H1 & H4 range from the major H1, H4 & daily supply zone to the H4 & daily demand zone and back to the major H1, H4 & daily supply zone. Price rallied deeper into the zone at 1.48880 and formed candle closes inside supply followed by a H1 bearish engulfing candle showing a potential bearish reversal. Price retraced back to the previous H1 high inside supply before a strong drop. Took sell positions during NY session at 1.48880 with SL at 1.49050. Setup taken is a rally base drop, a reversal setup and my target is at 1.47400.
 

Price dropped away from supply by a constant push and formed lower lows with candle closes below supply confirming the bearish sentiment. Price retested supply before a continuation of the drop lower. Price dropped 115 pips to 1.47710 then formed a strong rejection wick followed by a sharp retracement back to supply. Price retraced then dropped back to 1.47960 showing a potential continuation of the drop lower.