💱EURCAD - Symmetrical triangle before the impulse

21 ส.ค. 2023

EURCAD stops near strong resistance and on the background of bullish trend the chart is forming a pattern that can form both upward and downward momentum

TA on the high timeframe:
1) Globally, a bullish trend is visible, but before strong resistances the price stops and forms consolidation
2 Consolidation is forming between key liquidity areas

TA on the low timeframe:
1) A symmetrical triangle is formed against the background of a bullish trend
2) Positive aspects of this pattern are that it is clear where to open trades (border breakout).
3) But, at the same time, in a bullish trend the price can break the support of the pattern and we will see a correction.
4) It is not important for us which of the borders will be broken, we need to wait for a signal, and it will be a breakout of the border with subsequent consolidation below or above the line.

Key support📉: lower triangle boundary, 1.47000.
Key resistance📈: upper triangle boundary, 1.47978