EURCAD Some downside left before the long term buy entry

1 Jun 2023

EURCAD is on the bearish leg of the Ascending Triangle pattern that targets the S2 Zone (1.42400 - 1.42800). Obviously the 1D technicals are bearish (RSI = 36.214, MACD = -0.006, ADX = 52.689) and our bearish target is the top of S1 at 1.43850. Regardless of S1 or S2, we have timed our long term buy entry when the 1D RSI turns oversold at 30.000. As you see the RSI has been inside a Channel Down ever since the Ascending Triangle started. Our short term targets once the buy gets activated will be the R1 and R2 (TP = 1.46480 and 1.47485 respectively).


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