EURCAD has established an upward channel and is now almost at the bottom of that channel.
RSI is oversold at 28.9 on the 4Hour, has hit 28 before bouncing back above on the 2Hour and bottomed at 31.8 before bouncing on the 6Hour.
Directly below the price we see the lower boundary of the upward channel and a previous good Demand Zone.
Price may continue down to touch the lower channel boundary and the demand zone, which will push the RSI further into the oversold range and give us a very advantageous Risk/Reward opportunity.
RSI is oversold at 28.9 on the 4Hour, has hit 28 before bouncing back above on the 2Hour and bottomed at 31.8 before bouncing on the 6Hour.
Directly below the price we see the lower boundary of the upward channel and a previous good Demand Zone.
Price may continue down to touch the lower channel boundary and the demand zone, which will push the RSI further into the oversold range and give us a very advantageous Risk/Reward opportunity.
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