Good morning traders, today we want to bring our analysis in the EUR/CAD pair, which we consider has the possibility of breaking the range in which it has been moving for months.
🔸This pair has not had a clear trend in this timeframe for quite some time, although in lower timeframes we can find internal trends in the range.
🔸It is approaching a strong support zone, where we consider two potential scenarios.
🔸The bullish scenario implies that the price cannot break the zone and generates a rebound and again seeks the upper part of the range, which would imply that the lateral movement is still in force.
🔸And, the bearish scenario implies that the price generates a downward breakout in the support zone, and has the potential to generate a bearish movement towards the next zone.
🔸This pair has not had a clear trend in this timeframe for quite some time, although in lower timeframes we can find internal trends in the range.
🔸It is approaching a strong support zone, where we consider two potential scenarios.
🔸The bullish scenario implies that the price cannot break the zone and generates a rebound and again seeks the upper part of the range, which would imply that the lateral movement is still in force.
🔸And, the bearish scenario implies that the price generates a downward breakout in the support zone, and has the potential to generate a bearish movement towards the next zone.