EURCAD Rally most likely coming to an end.
The EURCAD pair has been rising since the September 28 bottom on the bullish leg of the 9-month Channel Down, turning both the 1D MA200 (orange trend-line) and the 1D MA50 (blue trend-line) into Supports. The uptrend hit the Internal Lower Highs trend-line last week, got rejected but was supported on the 1D MA200 and is testing it yet again today.
As the 1D RSI is making a Double Top rejection under the 2023 Resistance Zone, we may have the first medium-term sell signal emerging and a 1D MACD Bearish Cross will confirm it. In that case, sell and target the 1D MA50 at 1.4500. Those who wish to take some more risk, can extend selling to 1.4400 (-2.43% decline, in line with past pull-backs).
If however the pair closes a 1D candle above Resistance 1, we will take the loss on the sell position and open a buy instead, targeting Resistance 2 at 1.51000.
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As the 1D RSI is making a Double Top rejection under the 2023 Resistance Zone, we may have the first medium-term sell signal emerging and a 1D MACD Bearish Cross will confirm it. In that case, sell and target the 1D MA50 at 1.4500. Those who wish to take some more risk, can extend selling to 1.4400 (-2.43% decline, in line with past pull-backs).
If however the pair closes a 1D candle above Resistance 1, we will take the loss on the sell position and open a buy instead, targeting Resistance 2 at 1.51000.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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