#EURCAD 4HEURCAD 4-Hour Analysis
The EURCAD pair has formed an ascending triangle pattern on the 4-hour chart, but the price has broken down below the triangle's trendline support. This breakdown signals potential bearish momentum, making it a viable sell opportunity.
Technical Outlook:
Pattern: Ascending Triangle and Breakdown Trendline Support
Forecast: Bearish (Sell Opportunity)
Entry Strategy: Enter a sell position following confirmation of bearish momentum, such as a retest of the broken support acting as resistance or continuation of lower highs.
Traders should look for additional confirmation through bearish candlestick patterns and supporting indicators like RSI or MACD. Proper risk management is crucial, with stop-loss orders placed above the retest level and profit targets set at the next key support zones.
