EURCAD remains firmly trapped inside a well-defined descending channel, with price continuing to respect the broader bearish structure.
The latest rejection from the 1.6040–1.6050 resistance zone is particularly important. Buyers attempted to reclaim the broken area, but the recovery quickly lost momentum and price was pushed back below it. This shows that former support is now acting as resistance, while sellers continue to defend every rebound.
As long as EURCAD stays below this zone and remains inside the channel, the path of least resistance still points lower. A weak consolidation beneath resistance or another bearish rejection could trigger the next leg down toward 1.59500, near the lower boundary of the channel.
The bearish scenario would begin to lose credibility only if price breaks decisively above the resistance zone and then holds above the descending channel. Until that happens, the recent rebound looks more like a temporary pause than a genuine reversal.
This is only my personal interpretation of the current support and resistance structure, not financial advice. Always wait for confirmation and manage risk carefully.
Best of luck with your trading!
The latest rejection from the 1.6040–1.6050 resistance zone is particularly important. Buyers attempted to reclaim the broken area, but the recovery quickly lost momentum and price was pushed back below it. This shows that former support is now acting as resistance, while sellers continue to defend every rebound.
As long as EURCAD stays below this zone and remains inside the channel, the path of least resistance still points lower. A weak consolidation beneath resistance or another bearish rejection could trigger the next leg down toward 1.59500, near the lower boundary of the channel.
The bearish scenario would begin to lose credibility only if price breaks decisively above the resistance zone and then holds above the descending channel. Until that happens, the recent rebound looks more like a temporary pause than a genuine reversal.
This is only my personal interpretation of the current support and resistance structure, not financial advice. Always wait for confirmation and manage risk carefully.
Best of luck with your trading!
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✅ 7–10 sinyal premium setiap hari (Forex, Emas & Bitcoin)
✅ Update cepat, peringatan akurat
✅ Cocok untuk pemula & trader berpengalaman
👉 Bergabung sekarang di sini: t.me/+qhCnnG69r9A4YjBl
✅ Update cepat, peringatan akurat
✅ Cocok untuk pemula & trader berpengalaman
👉 Bergabung sekarang di sini: t.me/+qhCnnG69r9A4YjBl
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.