EUR/CAD Rebounds from 1.4900: Rally Towards 1.5205
Updated
EUR/CAD has tested the support level at 1.4900 for the third time and is now showing upward momentum. Based on this price action, we anticipate a further rise toward the first resistance level at 1.5055. Should the pair successfully break above this resistance, there is potential for continued bullish movement, with a possible climb towards the second resistance level at 1.5118. If the momentum remains strong, EUR/CAD could extend its rally to the third resistance at 1.5158 and even reach the fourth resistance at 1.5205. Monitoring the price action at these key levels will help confirm the continuation of the uptrend.
Trade active
EUR/CAD has successfully hit our first take-profit target at 1.5055, marking a positive outcome for our trade setup. The pair has shown strength, reaching this key level as predicted. With TP1 hit, we can either lock in profits or adjust our stop-loss to secure gains while aiming for the next target.
We'll continue to monitor the price action closely to determine whether the momentum will carry it further to subsequent profit levels. This is a good point to reassess risk and adjust positions as necessary based on market conditions and upcoming events.
Trade closed: target reached
EURCAD has performed well. As per our analysis, EURCAD successfully reached our second target at 1.5118 and shortly after, hit our third target at 1.5158.
Based on this, we have decided to close our trades, securing profits at these levels. However, if anyone is interested in holding their position further, there is an opportunity to aim for the fourth target, set at 1.5205.
Keep in mind that holding beyond this point carries additional market risks, so be sure to assess your risk tolerance and market conditions before making a decision. Always prioritize proper risk management in your trading strategy.
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