EURCAD Awaits Support Or Resistance Break. SHORT Trade Favorable
Currently trading southwards the EURCAD is trading between two crucial levels represented by the red horizontal lines in the main chart. At the Moment nothing can be said as to where the price could be headed next although trend continuation southwards is a more likely scenario.
Price may either reach the crucial support of 1.5000 level and from there on it might break the support or bounce back up towards the nearby resistance that lies at 1.55000.
If we are talking for the price to bounce off the 1.50000 level then its advisable for the clear reversal price action pattern to develop to confirm this up move. on the flip side if the support breaks then in this the same price action continuation scenario may be applied. This all a swing trade opportunity that needs patient as the price action will give clear pictures in the coming week. however for the day trading scenario have a look at the snapshot below
It represents the daily charts of the EURCAD, where the price action has been supported by a rising trendline and should the trendline break it will most likely target the next trendline thats underneath the current one. However this is just a day trading opportunity and should the conditions meet i will post the entry and exit criteria in the new thread
The above just represents my personal analysis on the pair. shall there be any signal in the near future i will post them in the new thread. cheers
Price may either reach the crucial support of 1.5000 level and from there on it might break the support or bounce back up towards the nearby resistance that lies at 1.55000.
If we are talking for the price to bounce off the 1.50000 level then its advisable for the clear reversal price action pattern to develop to confirm this up move. on the flip side if the support breaks then in this the same price action continuation scenario may be applied. This all a swing trade opportunity that needs patient as the price action will give clear pictures in the coming week. however for the day trading scenario have a look at the snapshot below
It represents the daily charts of the EURCAD, where the price action has been supported by a rising trendline and should the trendline break it will most likely target the next trendline thats underneath the current one. However this is just a day trading opportunity and should the conditions meet i will post the entry and exit criteria in the new thread
The above just represents my personal analysis on the pair. shall there be any signal in the near future i will post them in the new thread. cheers
