The Euro
versus the Canadian Dollar has formed what appears to be an ascending triangle
or a rising wedge on the daily chart. In reality the name is the least
important, what really matters is that we identify the borders of the
consolidation and wait for the price to break one of those borders, which are
actually two trendlines. A breakout to the downside could take the price to the
round number level of the 1.3000, which could act as support, or a breakout to
the upside could take the price to the 1.3500 level, which could act as
resistance.
Good point. I'll keep a close eye on it.
ReplyDeleteThank you for the analysis, I will keep it mind!
ReplyDeleteVery useful analysis, thank you.
ReplyDeleteWell spotted! Thanks for sharing it.
ReplyDeleteExcellent analysis.
ReplyDeleteClear figure. Thanks for sharing.
ReplyDeleteVery good post. Thank you very much!
ReplyDelete