It’s Monday morning, and EURCAD price has hit a confluence point, we can see how price had reacted to this zone in the past and considering the trend-line and emas currently in play. I expect two possible events, a bounce to the downside to confirm that this is a pullback for downtrend continuation which may lead price to next support at 1.46612, and a breakout to the upside could attract a consolidation or may lead price to hit the next resistance at 1.48933.
I have a bearish bias for the week as the lower high and lower low pattern is still in place, I would be looking for sell opportunities to the next support at 1.46612 if the daily candle closes below the emas, and I would consider long opportunities towards 1.48933 resistance if daily candle closes above the zone.
Disclaimer: What I have shared above is not a financial or investment advice, it’s an opinion that could be helpful for educational purposes only, whatever trading decision you make is at your own risk.
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