EURCAD is testing a major resistance zone that has previously led to significant bearish reversals. The recent bullish momentum into this area increases the likelihood of seller interest.
If bearish confirmation emerges, such as rejection wicks, bearish engulfing candles, or increased selling volume, I anticipate a move toward 1.48608. However, a breakout above this resistance could signal further bullish continuation.
Traders should remain cautious and wait for clear signals of rejection before taking positions. Agree with this analysis? Let’s discuss further in the comments section!
If bearish confirmation emerges, such as rejection wicks, bearish engulfing candles, or increased selling volume, I anticipate a move toward 1.48608. However, a breakout above this resistance could signal further bullish continuation.
Traders should remain cautious and wait for clear signals of rejection before taking positions. Agree with this analysis? Let’s discuss further in the comments section!
Trade active
Trade closed manually
Note
It got sooooo close to my target, but bounced back. I closed it manually.
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👉 I recommend this Broker - Get 20% Deposit BONUS - bit.ly/trenddiva
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👉 My favorite broker - go.tradenation.com/visit/?bta=37381&brand=tradenation
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.