EURCAD, multiple scenarios
EURCAD currently is still at a descending channel. We can expect a bullish scenario if ever it breaks out it resistance.
But be cautious not to be predictive but rather reactive. As it now approaches the resistance, it may do three things and reacct to the significant level
Breakout - which is a bullish confirmation, but watch out for false breakouts. A breakout must be supported by a reasonable volume.
Reversal - reverse and go back to previous levels (minor - yellow line, major - purple support area)
and Consolidate - may consolidate above or beneath the half of the channel. And may give us more sentiment of the market
Still have no Bias and must wait for further confirmation.
You can support the idea by liking and following. You can also share your ideas by commenting.
I am open for conversation, suggestions and corrections
have a nice trading day :)
But be cautious not to be predictive but rather reactive. As it now approaches the resistance, it may do three things and reacct to the significant level
Breakout - which is a bullish confirmation, but watch out for false breakouts. A breakout must be supported by a reasonable volume.
Reversal - reverse and go back to previous levels (minor - yellow line, major - purple support area)
and Consolidate - may consolidate above or beneath the half of the channel. And may give us more sentiment of the market
Still have no Bias and must wait for further confirmation.
You can support the idea by liking and following. You can also share your ideas by commenting.
I am open for conversation, suggestions and corrections
have a nice trading day :)
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