Howdy, today we look at the performance of EURCAD price action . We last analyzed this pair early last month. During that period price found resistance at level 1.5191 .Since then its has been trading below the resistance level in a range . Here is the link to the previous analysis .

EURCAD H4 chart 31 May 2021
EURCAD H4 chart 31 May 2021

Today we see that the pair trades within a range below the resistance level 1.4830. Now price trades within Resistance level 1.4830 and support price level 1.4614. If price moves bullish and breaks past the resistance level 1.4830 and manages to hold then price level 1.5023 will be exposed. This will be acting as our next support level.

If price does break past this level then we could see price trade to resistance level 1.5191. However, if we see price continue its bearish price action and breaks past its support level, then we shall see a new lower low being formed .

EURCAD Daily chart 31 May 2021
EURCAD Daily chart 31 May 2021

We at FXSITS still believe that price could drop bearish in the long run. Attached are the H4 and Daily time frame price chart for your ready and proper understanding and follow up on how to trade the pair and profit from it.

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets

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  1. Yeah you’re right. As of me, base on the trend line it shows that the market was trending downward and now a range is forming indicating a trend reverser is likely to occur. So I will wait on the market to come to me based on my EMA 20, 50, 200 with some chart patterns and candle formation.

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