Good morning traders! Today we will analyze EUR/CAD, as it is bouncing in a critical zone, and it is worth analyzing it since we can take advantage of both the bullish and the bearish situation.
🔸As we see in the published chart, the price bounces off the Ascending Trendline, where several rejections have already been rejected. We can expect a similar situation again.
🔸As the scenario is still unclear, it is worth considering both the bullish and the bearish possibilities.
🔸The bullish situation implies a movement in this direction towards the Resistance zone and, the bearish situation implies a break of the trend line and the support zone. If that happens, we are likely to see the price move towards the next support zone.
🔸To better detail the previous situations, we are going to reduce the timeframe:
Bullish Analysis:
- What we are looking for here is a break in the Descending Trendline and the Resistance zone. After that, the idea is to wait for a re-test of the broken area and its subsequent rejection.
Bearish Analyis:
- Finally, considering a bearish scenario, we would wait for support + retest, + rejection.