EURCAD Analysis 09/05/2023
EURO / CANADIAN DOLLAR H4 Time Frame
Major Trend = Uptrend
Minor Trend = Downtrend
Nearest Support Area = 1.45850-1.46500
Nearest Resistance Area = 1.49795-1.50625
Overall Bias = Long
Short Term Target = 1.45850-1.46500
Ideal Target = 1.49795-1.50625
Invalidation Level = 1.144940
Notes :
EURCAD has been in a strong uptrend since August 2022 where currently price is correcting from its newly made yearly high, not only that we can also see an already confirmed double top pattern near its major resistance.
Our 1st Main And "Ideal" Scenario is the black paths where price is predicted to find support around 1.45850-1.46500 before continuing its long term uptrend to the upside retesting its recent yearly high. This scenario will still be valid as long as price stays above 1.144940.
Our 2nd "Worst Case" Scenario is the red paths where price fails to make a new Higher High structure and instead makes a new Lower High and than continues its correction to about 1.44000-1.44850.
Major Trend = Uptrend
Minor Trend = Downtrend
Nearest Support Area = 1.45850-1.46500
Nearest Resistance Area = 1.49795-1.50625
Overall Bias = Long
Short Term Target = 1.45850-1.46500
Ideal Target = 1.49795-1.50625
Invalidation Level = 1.144940
Notes :
EURCAD has been in a strong uptrend since August 2022 where currently price is correcting from its newly made yearly high, not only that we can also see an already confirmed double top pattern near its major resistance.
Our 1st Main And "Ideal" Scenario is the black paths where price is predicted to find support around 1.45850-1.46500 before continuing its long term uptrend to the upside retesting its recent yearly high. This scenario will still be valid as long as price stays above 1.144940.
Our 2nd "Worst Case" Scenario is the red paths where price fails to make a new Higher High structure and instead makes a new Lower High and than continues its correction to about 1.44000-1.44850.
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