EURCAD Testing the 1D MA50. Sell opportunity.
The EURCAD pair eventually formed the new Lower High on the 17-month Channel Down as presented on our last analysis (May 27, see chart below) and got rejected:
The rejection extended to as low as the 1D MA200 (orange trend-line) and a short-term rebound has brought the price back to a 1D MA50 (blue trend-line) rejection.
Both previous Bearish Legs declined at least by -3.85%. We expect this 1D MA50 rejection to lead the price to at least Support 1, with our Target being 1.45000 (just above it).
On a side-note, check the high degree of symmetry between the 1D RSI sequences of the Channel's Legs.
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The rejection extended to as low as the 1D MA200 (orange trend-line) and a short-term rebound has brought the price back to a 1D MA50 (blue trend-line) rejection.
Both previous Bearish Legs declined at least by -3.85%. We expect this 1D MA50 rejection to lead the price to at least Support 1, with our Target being 1.45000 (just above it).
On a side-note, check the high degree of symmetry between the 1D RSI sequences of the Channel's Legs.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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