Technical Analysis Of EURCAD
1. Current Market Structure
EUR/CAD is trading around 1.6135, consolidating just below the first resistance zone (1.6180). Price has previously broken out from a range and is now in a bullish structure with higher highs and higher lows.
2. Key Support & Demand Zones
* Support Area: Around 1.6060, which acted as an entry area after the breakout.
* Demand Zone: Near 1.5910, where strong buying previously occurred, making it a critical level if deeper pullback happens.
3. Resistance Levels & Targets
* First Resistance / Target Zone: 1.6180, immediate hurdle for bulls.
* Final Resistance / Target: 1.6280, the ultimate bullish target if price maintains upward momentum.
4. Possible Price Scenarios
* Bullish Outlook: If price pulls back to 1.6060 and shows bullish confirmation, we can expect a move towards 1.6180, and eventually 1.6280.
* Bearish Outlook: A break below 1.6060 opens the door for a correction towards 1.5910.
5. Trading Plan
* Bias: Bullish above 1.6060.
* Strategy: Wait for pullback and bullish price action near support before entering long positions. Avoid chasing entries at resistance.
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1. Current Market Structure
EUR/CAD is trading around 1.6135, consolidating just below the first resistance zone (1.6180). Price has previously broken out from a range and is now in a bullish structure with higher highs and higher lows.
2. Key Support & Demand Zones
* Support Area: Around 1.6060, which acted as an entry area after the breakout.
* Demand Zone: Near 1.5910, where strong buying previously occurred, making it a critical level if deeper pullback happens.
3. Resistance Levels & Targets
* First Resistance / Target Zone: 1.6180, immediate hurdle for bulls.
* Final Resistance / Target: 1.6280, the ultimate bullish target if price maintains upward momentum.
4. Possible Price Scenarios
* Bullish Outlook: If price pulls back to 1.6060 and shows bullish confirmation, we can expect a move towards 1.6180, and eventually 1.6280.
* Bearish Outlook: A break below 1.6060 opens the door for a correction towards 1.5910.
5. Trading Plan
* Bias: Bullish above 1.6060.
* Strategy: Wait for pullback and bullish price action near support before entering long positions. Avoid chasing entries at resistance.
If this helpful for you, press the like button.
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t.me/FxInsightsHub0
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.