EURCAD is currently trading within a descending channel, indicating a strong bearish structure. The price has broken below a key support zone, which has now flipped to resistance, aligning with a potential bearish continuation. The recent retest of this level held successfully, indicating strong seller interest and reinforcing the bearish outlook.
With momentum favoring the downside, the next logical target is 1.54670, aligning with the lower boundary of the descending channel. As long as the price remains below the resistance zone, the bearish bias stays intact.
Let me know your thoughts or any additional insights you might have!
With momentum favoring the downside, the next logical target is 1.54670, aligning with the lower boundary of the descending channel. As long as the price remains below the resistance zone, the bearish bias stays intact.
Let me know your thoughts or any additional insights you might have!
FREE Trading Signals: t.me/danielmtrading
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.
FREE Trading Signals: t.me/danielmtrading
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.