The pair is inside two different channels, thew bigger one is a bearish channel and eurocad is touchng the resistyance line for the second time (we can even notice a confluence witha horizontal resistance which is represented by the red line, price has been rejected multiple times in that zone that goes between 1.571 and 1.579), then the second small bullish channel highlights the possibility of a bearish leg directed towards 1.553 where the 50-day moving average lies.
Pay attention to volumes, they are really low, it means that the upside has limited potential and we are going to see a sort of consolidation for some days and then the inversion.
1.553 is a key level:
50-day ma
61.8% retracement
middle support zone.
Write me a message if you would like to know the levels to open a trade and set tp and sl.
Enjoy your trading guys!
Pay attention to volumes, they are really low, it means that the upside has limited potential and we are going to see a sort of consolidation for some days and then the inversion.
1.553 is a key level:
50-day ma
61.8% retracement
middle support zone.
Write me a message if you would like to know the levels to open a trade and set tp and sl.
Enjoy your trading guys!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.