Lingrid | EURCAD broke KEY Trendline SUPPORT

Aug 23

EURCAD has established a divergence and formed a double top at the resistance zone. It recently broke through a trendline that had been supporting the price for an extended period. This break and subsequent close below the trendline signal a bearish outlook. Additionally, the price bounced off the resistance area, leading to a bearish impulse leg. I anticipate the market will move downward towards the support level, retracing from resistance to test the channel boundary. My goal is to support level at 1.50650


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