EURCAD is continuously downtrending, near previous support level
Comment:
EURCAD Daily timeframe shows downtrend by Ichimoku. However the market is near previous support level.
Ichimoku Trend Analysis:
- Kumo (Senko span A) down
- Kijun sen down
- Chiko span below candles
Next Scenario:
Market is in downtrend as per above Ichimoku trend confirmation but very close to the previous support level of 1.4262 from Feb 2020. There is a potential breakout as long as Kumo and Kijun sen are down but need to watch out for a push back. To be safer, better to wait for a breakout and enter trades.
EURCAD Daily timeframe shows downtrend by Ichimoku. However the market is near previous support level.
Ichimoku Trend Analysis:
- Kumo (Senko span A) down
- Kijun sen down
- Chiko span below candles
Next Scenario:
Market is in downtrend as per above Ichimoku trend confirmation but very close to the previous support level of 1.4262 from Feb 2020. There is a potential breakout as long as Kumo and Kijun sen are down but need to watch out for a push back. To be safer, better to wait for a breakout and enter trades.
Forex Kei
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Official Website: forex-kei.com
Global Trading School: forex-kei.com/?page_id=2855
KTS Academy: keistradingstrategy.com
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