EURCAD → Symmetrical triangle may continue the trend

EURCAD forms an interesting set-up, which in the medium term, if the right scenario is realized, can continue the previously formed bullish trend.

On the chart, I noted a symmetrical triangle, which is developing within a global flat formation after a prolonged growth of the currency pair. Another resistance retest still cannot break the resistance, the price will form a correction and local consolidation. It is possible that the price may form a small correction to the support at 1.4656. From the mentioned level may be followed by another rebound and further growth. But, the forming local consolidation near the triangle resistance may also lead to the breakout of the figure resistance, consolidation above the line will be the confirmation of the buy signal.
Also we should not forget that the price, on the background of unpredictable events, can break the support of the figure and in this case the price can quickly reach the support at 1.44894.

Resistance levels: the upper facet of the triangle, the level of 1.4771.
Support levels: support of the figure and 1.4656.
In the long term, I expect a breakout of resistance and further growth, but the opposite scenario may follow, when the price may break the support.

Regards R. Linda!

评论:

评论: