EURCAD reversal scenarioHi Folks,
We have seen a nice bearish run on this pair and now consolidating in the support zone. We have seen a nice bullish engulfing candle from the zone which suggest that me might see a bullish run soon. I have gone long on this one and marked the tp and sl for you as well.
Let me know your thoughts.
Trade safe and good luck.
Eurcadsetup
EURCAD Market Outlook | Daily Forex Market BreakdownEURCAD
Nice push to the upside looking good. If we can maintain bullish momentum then we may sustain outside of the previous broken consolidation. We need to be cautious for fakeouts. It would be nice to see a clean pullback and see previous resistance hold as support.
EURCAD - LONGI see the price is forming a strong support zone in the same level. This refers that this support zone is potentially strong for a short term.
Moreover, there were 3 occasions where prices reversed at RSI around 40. Hopefully, this time the price will be reversing and go up trend in a short time again.
Cheers,
Trade with care