EURCAD → A symmetrical triangle can be broken through

13 Okt 2023

EURCAD is in consolidation of the "symmetrical triangle" format. When one or another line (resistance or support) is broken, an impulse may be formed



This pattern, indicated on the chart, does not have a clear further direction, as it is a consolidation and the price breakout of one of the borders of the figure will determine for us the further direction in the short term.
Earlier the resistance of the descending channel was broken, most likely, the imbalance, which the market maker seeks to eliminate, is above the zone 1.4663, but before further growth the market should form a consolidation. Support at 1.4369 or 1.424 may be tested before rising. If the price breaks the resistance at 1.446 soon, further movement will become obvious. Moving averages are pointing to a near-term burst of activity.

Support levels: 1.4369
Resistance levels: 1.446

In the long term, I expect growth. But, before the growth there may be a local fall and support retest. A breakthrough of 1.446 will be a buy signal. A breakout of 1.4369 will be a sell signal.

Regards R. Linda!