💱EURCAD - Waiting for a false breakthrough
EURCAD is breaking the channel resistance, but there is no the reaction that everyone is waiting for.
A bottom has formed on d1 and a counter-trend movement is starting to form.
TA on the high timeframe:
1) Price breaks the resistance at 1.45120, but there is no impulse, which should happen when breaking the resistance
2) The same flat is formed. The price may return to it when falling below 1.45120.
TA on the low timeframe:
1) Price breaks the resistance of the local bullish channel, there is no impulse and a strong consolidation is formed above the resistance. If price goes down and passes 1.45430, forms consolidation below the level, correction to 1.44250 will begin
2) Actual resistance retest may end up as a false breakdown. A change of trend is out of the question, a downward correction may be formed.
3) BUT! If 1.45630 is broken through and consolidation is formed above the level, the price will be able to continue rising to 1.46300.
Key resistance📈: 1.45630
Key support📉: 1.45430
A bottom has formed on d1 and a counter-trend movement is starting to form.
TA on the high timeframe:
1) Price breaks the resistance at 1.45120, but there is no impulse, which should happen when breaking the resistance
2) The same flat is formed. The price may return to it when falling below 1.45120.
TA on the low timeframe:
1) Price breaks the resistance of the local bullish channel, there is no impulse and a strong consolidation is formed above the resistance. If price goes down and passes 1.45430, forms consolidation below the level, correction to 1.44250 will begin
2) Actual resistance retest may end up as a false breakdown. A change of trend is out of the question, a downward correction may be formed.
3) BUT! If 1.45630 is broken through and consolidation is formed above the level, the price will be able to continue rising to 1.46300.
Key resistance📈: 1.45630
Key support📉: 1.45430
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