EURCAD Rejected on the 1 year Resistance. Levels to watch.

The EURCAD pair has been on a very strong rise since the August 25 2022 Bottom and hit all of the buy targets we presented on our 1D MA100 (green trend-line) break-out buy signal back on September 19:


On December 15, the price got rejected on the Resistance Zone (1) that started a year ago (Dec 20), making so far a Triple Top. That would otherwise be a bearish signal but with the price trading above the 1D MA50 (blue trend-line), while also having the (green) Symmetrical Support Zone (1.4100 - 1.41650), the pair is now neutral.

The 1D RSI broke below its July Higher Lows trend-line and is bouncing on the September Support level and as long as it holds, it should keep the price above the Symmetrical Support. We will sell only if the price closes a full candle below the 1D MA50 and target the 1D MA200 (orange trend-line), which is the long-term Support during uptrends.

On the other hands a closing above Resistance 1 (1.4650) will be a buy break-out signal targeting Resistance 2 and the 0.786 Fibonacci retracement level.



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