The price action of the EURCAD is developing a Falling Wedge pattern following the publication of the latest economic sentiment numbers in the Eurozone. This is a type of pattern that signifies the likely continuation of the underlying trend.
Notice that the bottleneck of the Wedge is developing between the 100-day MA (in blue) and 38.2 per cent Fibonacci retracement level at 1.44308. This is where the next bullish rebound is likely to emerge from.
Notice that the bottleneck of the Wedge is developing between the 100-day MA (in blue) and 38.2 per cent Fibonacci retracement level at 1.44308. This is where the next bullish rebound is likely to emerge from.
