The EURCAD pair has been decreasing since the August 30 High that formed the 1.48250 Resistance (1). Being below both the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line), the long-term outlook looks bearish, considering also the fact that we may have completed a huge Head and Shoulders pattern since December.
However, the price is decelerating the downtrend as it approaches the 1.42850 - 1.42400 Support Zone (1 & 2), so as long as it holds, we will be bullish short-term targeting the Symmetrical Resistance Zone at 1.46000. If the price breaks below Support 2 (1.42400) we will instead sell and target 1.40250, which would be a -5.50% decline from the August 30 High. Both targets are respectively on the top (Lower Highs trend-line) and bottom (Lower Lows trend-line) of a potential Channel Down pattern that might emerge if the Head and Shoulders prevail.
Note that the 1D RSI is currently oversold, which currently favors the bullish case.
-------------------------------------------------------------------------------
** Please LIKE π, FOLLOW β , SHARE π and COMMENT β if you enjoy this idea! Also share your ideas and charts in the comments section below! **
-------------------------------------------------------------------------------
πΈπΈπΈπΈπΈπΈ
π π π π π π
However, the price is decelerating the downtrend as it approaches the 1.42850 - 1.42400 Support Zone (1 & 2), so as long as it holds, we will be bullish short-term targeting the Symmetrical Resistance Zone at 1.46000. If the price breaks below Support 2 (1.42400) we will instead sell and target 1.40250, which would be a -5.50% decline from the August 30 High. Both targets are respectively on the top (Lower Highs trend-line) and bottom (Lower Lows trend-line) of a potential Channel Down pattern that might emerge if the Head and Shoulders prevail.
Note that the 1D RSI is currently oversold, which currently favors the bullish case.
-------------------------------------------------------------------------------
** Please LIKE π, FOLLOW β , SHARE π and COMMENT β if you enjoy this idea! Also share your ideas and charts in the comments section below! **
-------------------------------------------------------------------------------
πΈπΈπΈπΈπΈπΈ
π π π π π π
πBest Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
π°Free Channel t.me/tradingshotglobal
π€΅Contact info@tradingshot.com t.me/tradingshot
π₯New service: next X100 crypto GEMS!
π°Free Channel t.me/tradingshotglobal
π€΅Contact info@tradingshot.com t.me/tradingshot
π₯New service: next X100 crypto GEMS!