Where Will EURCAD Head Next? Weekly TF Perspective Explained!
Have a look at the main charts, where the blue horizontal lines represent concrete support and resistance levels drawn from the monthly charts and they represent where the price might head next after the breakout occurs.
At the moment the price has been supported by an ascending trendline respected more than 5 times and a descending channel. Shall a breakout occur we could see the price test the nearby support or resistance levels (blue lines). Now thats the technical picture, fundamentally a break to the downside seems on the card as the EUROZONE faces slowdown and CAD supported by the rising OIL prices is making a move to the downside more favorable.
It remains to be seen what happens in the near future. shall the criteria meet i will post the trade details in a new post. This just represents my analysis and future outlook of this pair. cheers
At the moment the price has been supported by an ascending trendline respected more than 5 times and a descending channel. Shall a breakout occur we could see the price test the nearby support or resistance levels (blue lines). Now thats the technical picture, fundamentally a break to the downside seems on the card as the EUROZONE faces slowdown and CAD supported by the rising OIL prices is making a move to the downside more favorable.
It remains to be seen what happens in the near future. shall the criteria meet i will post the trade details in a new post. This just represents my analysis and future outlook of this pair. cheers
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