EUR/CAD On a Critical Support - What to expect to trade?
Good morning traders, today we bring you our daily chart analysis of the EUR/CAD, along with a short-term explanation to know what to expect to trade this instrument.
🔸As we can see, this pair has not been on a clear trend for some time, and at this moment it is facing a strong demand zone.
🔸From here, we can consider two visions.
🔸The first, in case of a bounce to the upside, we can consider a possible movement in that direction towards the resistance zone.
🔸And the other is, in case of a bearish break of the support zone, we can consider a movement in that direction towards the next support zone.
The question is, how do we trade this movement?
🔸As we see in the image we will expect the following behaviors, break of the support in case of the bearish trade, and break of the channel in case of the bullish trade. Once these moves occur, we will wait for a retracement or retest and then consider a potential trade.
🔸As we can see, this pair has not been on a clear trend for some time, and at this moment it is facing a strong demand zone.
🔸From here, we can consider two visions.
🔸The first, in case of a bounce to the upside, we can consider a possible movement in that direction towards the resistance zone.
🔸And the other is, in case of a bearish break of the support zone, we can consider a movement in that direction towards the next support zone.
The question is, how do we trade this movement?
🔸As we see in the image we will expect the following behaviors, break of the support in case of the bearish trade, and break of the channel in case of the bullish trade. Once these moves occur, we will wait for a retracement or retest and then consider a potential trade.
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