On November 4, 2022, EURCAD started moving in an upward direction. This trend is still dominating the price chart. Several factors are showing high possibility for an upcoming trend reversal; a bearish wave is likely to form. The rising slope of the chart has recently started to decrease and. The price line has already broken below its bullish short term trend line, indicated as a blue rising channel on the chart. The MACD histograms are slightly reddish while the MACD and signal lines cross sending a negative signal. Resistance areas that are considered important are indicated by red boxes above the price line. To enter a short position, sellers should keep an eye on the chart and wait for a bearish trigger to be pulled.
• There is a resistance level at 24.14413 followed by resistance at 24.30000 and 24.65000.
• There is a support level at 23.00000. Below, there is 23.86500 and 22.56500.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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