EUR/CAD Bullish Momentum: Targeting 1.51+ !?📌 Key Observations:
1. Support Rejection ✅: The price has bounced off the support zone (highlighted in red), which was a critical level for a bullish continuation. This level is now acting as a launchpad for further upside.
2. Bullish Momentum 📈: The market structure suggests a strong uptrend, with recent bullish candles breaking through resistance.
3. Next Target 🎯: The green resistance zone at 1.51+ is the main target for buyers. The blue arrow indicates a potential move towards this level.
4. EMA 200 📉 (Red Line @ 1.48721): The price has successfully traded above the 200-day EMA, reinforcing bullish sentiment.
5. RSI (14) at 58.89 📊: The RSI is approaching the 60 level, showing bullish strength, but not yet overbought (above 70), meaning there’s still room for an upward move.
🔎 Potential Scenarios:
If the price breaks 1.51, we could see a further push towards new highs. 🚀
If the price rejects from 1.51, a retracement to 1.50 or lower might happen before another attempt upwards. 🔄
🎯 Conclusion: The market is currently bullish, with a high probability of hitting the next resistance zone. Watch for confirmation near 1.51—a breakout could mean further gains, while rejection could signal a pullback.
Long