EURCAD is still bullish in the formation of higher highs and higher lows. Market formed a double top but failed to break the resistance and is now heading down to gather some more fuel to break above the resistance. We will be looking to go long at the minor support at 1.4325. From there onwards, we anticipate the market moving up.

The ascending trendline might be retested with a wick falling on to the support level. The rejection will combine the support level along with the bullish price action.

The retracement level of 61.8% will be in confluence with the support level. This confluence tends to be formed in order for the market to skate up further.

EMA 50 is still bullish with the EMA 50 being steep upwards. This is a positive sign for the bullish momenutm continuation.

RSI is at 67. It should either be neutralized at the 50 level or head down towards the over sold region for the purpose of the bullish divergence formed.

Beautiful bullish leg on EURCAD

Dec 07 2022