EURCAD Another Bearish Wave Likely
Updated
EURCAD printed a double bearish candles at the main horizontal resistance for the overall down trend. Firstly a spinning top candle, followed by a smaller shooting star candle. Today, the price confirmed the rejection and broke back below the low of the spinning top candle at 1.4642, and closed the daily candle below it. Meanwhile, the RSI has reached its prior resistance area, just below overbought region.
Having that said, I am speculating on a down move towards a first target at 1.4550 and second near the main support area around 1.4450.
Having that said, I am speculating on a down move towards a first target at 1.4550 and second near the main support area around 1.4450.
Comment
First target hit earlier. Lets see if we get to second.
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.