💱 EURCAD - A change in the downtrend
EURCAD breaks the downtrend and forms an ascending triangle. Price is testing pattern support. The market expects a bounce
TA on a high timeframe:
1) Price stops after a strong drop (seen on the right chart). The stopping area is 1.45114.
2) But at the same time the price forms a sideways range and cannot yet break through the liquidity area (left chart)
TA on the low timeframe:
1) After breaking the downtrend, an uptrend triangle is forming.
2) If the bulls can push the price away from 1.45700 support, then we will have a chance to strengthen to 1.46298
3) Possible retest of 1.46298 resistance for a breakout. If the breakout is successful, then the price will head towards 1.46737
Key support is 1.45700, 1. 45190
Key resistance: 1.46300, 1.46736
TA on a high timeframe:
1) Price stops after a strong drop (seen on the right chart). The stopping area is 1.45114.
2) But at the same time the price forms a sideways range and cannot yet break through the liquidity area (left chart)
TA on the low timeframe:
1) After breaking the downtrend, an uptrend triangle is forming.
2) If the bulls can push the price away from 1.45700 support, then we will have a chance to strengthen to 1.46298
3) Possible retest of 1.46298 resistance for a breakout. If the breakout is successful, then the price will head towards 1.46737
Key support is 1.45700, 1. 45190
Key resistance: 1.46300, 1.46736
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