EUR/CAD Bearish Reversal Setuphello Trader
what are your thoughts on eurcad.
Enrty: 1.59-1.60
stop loss 1.61
take profit 1.50
Analysis:
Key Resistance Zone: The red-highlighted area around 1.5800 marks a strong resistance zone where price previously faced rejection.
Double-Top Formation: A potential double-top pattern is forming, indicating a bearish reversal.
Bearish Projection: The blue trend lines suggest a downward move after a possible retest of the resistance area.
Support Levels: The marked horizontal blue lines at 1.5581, 1.5411, 1.5269, 1.5151, and 1.4977 represent key support levels where price might react.
Target Area: The projected move suggests a decline towards the 1.5151 level, with further downside potential toward 1.4977.