Lingrid | EURCAD Descending Market Structure Continues

Nov 11

EURCAD faced rejection at the descending trendline near 1.6300 after an impulsive leg upward, confirming resistance within the broader bearish structure. The market remains trapped inside a downward channel, forming consistent lower highs as sellers defend key zones. As long as price stays below 1.6250, a decline toward the 1.6135–1.6100 support level is expected. This corrective setup aligns with the dominant downtrend continuation phase from the October highs.

⚠️ Risks:

• A break above 1.6250 could shift sentiment short-term bullish.
  
• Stronger Eurozone inflation data may strengthen the euro.
  
• Weak Canadian employment figures could reduce CAD demand and limit downside.

If this idea resonates with you or you have your own opinion, traders, hit the comments. I’m excited to read your thoughts!

Nov 12

Trade active

The price bounced off from our resistance zone - waiting good profit