EURCAD prepares to go long
Technically EURCAD has a bias to go long.
This pair has been holding the support level @ 1.5100 quite consistently. Daily candles although did traded below this support level but was unable to close beyond it.
For the past 2 weeks this pair has been in a downtrend but in terms of higher TF analysis it is much more likely to be a retracement/ market correction.
At the lower TF we can see the pair finally invalidated the downtrend trend line and forming a "shoulder-head-shoulder" (although not so classical) signalling a potential reversal of current trend and this pair might trending up furthur.
The first potential TP level will be at the the recent swing high resistance @ 1.5930
This pair has been holding the support level @ 1.5100 quite consistently. Daily candles although did traded below this support level but was unable to close beyond it.
For the past 2 weeks this pair has been in a downtrend but in terms of higher TF analysis it is much more likely to be a retracement/ market correction.
At the lower TF we can see the pair finally invalidated the downtrend trend line and forming a "shoulder-head-shoulder" (although not so classical) signalling a potential reversal of current trend and this pair might trending up furthur.
The first potential TP level will be at the the recent swing high resistance @ 1.5930
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.