EURCAD - Nearing A Massive Resistance!Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
As per our last EURCAD analysis, it rejected our blue support zone and traded higher.
What's next?
📈EURCAD has been overall bullish, trading within the rising channel, however it is currently retesting the upper bound of the channel.
Moreover, the red zone is a strong resistance zone.
🏹 Thus, the highlighted red circle is a strong area to look for sell setups as it is the intersection of the resistance and upper blue trendline acting as a non-horizontal resistance.
📚 As per my trading style:
As #EURCAD approaches the red circle, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
