EURCAD: New Trade Opportunities
The market formed a diamond chart pattern. It shows us how the price is consolidating. The breakout from the pattern will show further market movement.
If the price breaks the upper line of the diamond, it will confirm an upward movement with the main goal at 1.60000 resistance level.
If the price breaks the bottom line of the pattern, it will confirm a downward movement to 1.52000 and 1.48000 support zones.
MACD and RSI tell us that the downward movement looks more logical. DMI is bullish, but ADX line is falling. Buyers are not so active, and it means that sellers can push the price to 1.52000 support.
All trades must be used with stop orders and the money management plan.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the price breaks the upper line of the diamond, it will confirm an upward movement with the main goal at 1.60000 resistance level.
If the price breaks the bottom line of the pattern, it will confirm a downward movement to 1.52000 and 1.48000 support zones.
MACD and RSI tell us that the downward movement looks more logical. DMI is bullish, but ADX line is falling. Buyers are not so active, and it means that sellers can push the price to 1.52000 support.
All trades must be used with stop orders and the money management plan.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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