EURCAD Will Go Lower From Resistance! Sell!

23 Agu

Please, check our technical outlook for EURCAD.

Time Frame: 4h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is testing a major horizontal structure 1.511.

Taking into consideration the structure & trend analysis, I believe that the market will reach 1.506 level soon.

P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.

Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.

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