EURCAD is trading in a long-term bearish trend.
The pair started to consolidate within a horizontal trading range on a daily from the beginning of April. Now the price is approaching its support.
From a current perspective, I see two potential scenarios:
1️⃣If the price breaks and closes below the support of the range on a daily,
then a bearish trend continuation will be expected to 1.325
2️⃣The price may respect the underlined structure.
To catch a pullback from that, watch a falling trend line on a 4H time frame.
If the price breaks that to the upside, I will expect a bullish move at least to 1.35
Wait for a breakout and then follow the market.
What do you expect?
EURCAD is trading in a long-term bearish trend.
The pair started to consolidate within a horizontal trading range on a daily from the beginning of April. Now the price is approaching its support.
From a current perspective, I see two potential scenarios:
1️⃣If the price breaks and closes below the support of the range on a daily,
then a bearish trend continuation will be expected to 1.325
2️⃣The price may respect the underlined structure.
To catch a pullback from that, watch a falling trend line on a 4H time frame.
If the price breaks that to the upside, I will expect a bullish move at least to 1.35
Wait for a breakout and then follow the market.
What do you expect?
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