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EURCAD has pushed relentlessly north for the last 15 hours and we have overbought conditions on several time frames. WR1 is now in striking distance. This will be an irresistible target for EUR BULLS and its likely the BEARS will stand aside ready to pounce when the price hits WR1. This is a nice setup as SELLERS will avoid the market until this level is...
EURUCAD approaching support at 1.51476 where it could potentially rise further to 1.54715.
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Moving into a depleted supply zone, likley to retract back up.
Cannot expect many pips here as chart is moving toward the apex of a wedge.
MACD is weak
Here is my analysis of the EURCAD currency pair.
shorts would be preferable in my opinion to go test the level of 1.51200 which has served as support twice in the lasts weeks. If he wants to break it this time, then my analysis drops us quickly to 1.50700.
moreover, an asymmetric head and shoulder begins to appear which adds conviction in all this analysis.
Like,...
After comming from a huge push the price in Daily it is retracting showing us a descending structure.
For that reason we will have to be aligenement with the medium term price action. For that reason we hope a retracement to the level in the yellow box to keep going down this week.
This a very nice set up, bu we need a previous estructural break in h1 or m15 at...
