Right Now
EURCAD
is in up trending scenario. However, in the last week, the market closed with a strong selling pressure (Blue zone marked in the chart).
If you look left you can see that the market is at a major resistance level that comes from the weekly timeframe also at the last week price did break above this resistance level but the price wasn’t able to continue to go higher and immediately pushed down. In the forex market, we called it a false breakout.
With all those clues in mind, we can expect trend rotation here on
EURCAD
in this week.
Trade Idea – Consider going short if price broke below the Local Structure Level.
Analysis From - Trade Revenue Pro
EURCAD
is in up trending scenario. However, in the last week, the market closed with a strong selling pressure (Blue zone marked in the chart). If you look left you can see that the market is at a major resistance level that comes from the weekly timeframe also at the last week price did break above this resistance level but the price wasn’t able to continue to go higher and immediately pushed down. In the forex market, we called it a false breakout.
With all those clues in mind, we can expect trend rotation here on
EURCAD
in this week. Trade Idea – Consider going short if price broke below the Local Structure Level.
Analysis From - Trade Revenue Pro