EURCAD was rejected at 1.4610, and the supply zone was also around this level. Local support at 1.4357 prevented the price from falling further, perhaps looking for more liquidity.
We might see a retest of the resistance level at 1.4610, printing a double top pattern with a divergence on RSI or MACD.
Then, we have to wait for the local support at 1.4357 to break to confirm a strong down move aiming for 1.400.
If the price does not react to the level of resistance at 1.4610, then the scenario is to move long in order to target the cross of the two yearly trendlines and the 200-week moving average. The fall down from there will definitely be harder!
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We might see a retest of the resistance level at 1.4610, printing a double top pattern with a divergence on RSI or MACD.
Then, we have to wait for the local support at 1.4357 to break to confirm a strong down move aiming for 1.400.
If the price does not react to the level of resistance at 1.4610, then the scenario is to move long in order to target the cross of the two yearly trendlines and the 200-week moving average. The fall down from there will definitely be harder!
----------------------
Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
