Conclusion for today’s EURCAD analysis:
A close above ~1.48706 implies the resumption of the bullish trend in the EURCAD.
Price action over the past 8 months is presented in today’s EURCAD analysis from December 27, 2018 to current date. A downtrend during the aforementioned period can be observed on the 6 hour timeframe.
The 200 moving average (MA) is also indicated as added perspective for price action. Formation of a symmetrical triangle as indicated on the chart was confirmed on June 19, 2019 when price closed below the lower boundary of the triangle.
The width of the triangle provided a great estimate for a potential termination of the bearish swing following breakout. The most recent action has seen the EURCAD successfully test the 1.45783 price level twice indicating lack of continuation of bearish momentum that was followed by a bullish swing.
The current move to the upside which terminated at ~1.49871 on August 7, 2019 is followed by overlapping price action to the downside which is assumed in this EURCAD analysis to be a correction of the bullish swing.
The implication of the above is that bullish momentum should resume to the upside upon termination of the corrective move. Support levels or zone indicated on the chart for the EURCAD is between 1.47395 and 1.46701.
A break below 1.46701 implies resumption of the bearish trend.
On the other hand, price closing above its 200 moving average is bullish and in this case, a close above the 1.48706 price level indicates an increase in bullish strength, and thus added bullish bias.
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