EURCAD INTRADAY Uptrend breakout supported at 1.5030
The EURCAD price action sentiment appears bullish, supported by the longer-term prevailing uptrend. The recent intraday price action appears to be a sideways consolidation towards the rising support trendline zone.
The key trading level is at 1.0530 level, the consolidation price range zone. A corrective pullback from the current levels and a bullish bounce back from the 1.0530 level could target the upside resistance at 1.5080 followed by the 1.5093 and 1.5122 levels over the longer timeframe.
Alternatively, a confirmed loss of the 1.5030 support and a daily close below that level would negate the bullish outlook opening the way for a further retracement and a retest of 1.5013 support level followed by 1.4974.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
The key trading level is at 1.0530 level, the consolidation price range zone. A corrective pullback from the current levels and a bullish bounce back from the 1.0530 level could target the upside resistance at 1.5080 followed by the 1.5093 and 1.5122 levels over the longer timeframe.
Alternatively, a confirmed loss of the 1.5030 support and a daily close below that level would negate the bullish outlook opening the way for a further retracement and a retest of 1.5013 support level followed by 1.4974.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
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.
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.