Back in my post, the EURCAD was still forming the descending triangle formation yesterday until it had broken down latter that evening during the US market session. It hit 1.265 which at the same time is the current downward trading channel’s support line (indicated by the red line) in the daily chart.
Currently in the 3-hour chart, the EURCAD is nearing the downtrend’s resistance (green line) at the 1.27 area and if it’s able to break above the resistance line we might be seeing the price returning to 1.28-1.29. With the MACD moving below zero and the stochastic undecided, I wouldn’t be taking sides. Considering the pair bounces off the resistance line, the price can head further down to 1.25-1.26 based on the chart.
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