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SNby u/smith_nico·1dAnalysis

Looking at $EURCAD from a weekly perspective, potential resistance

Hey everyone, been spending some time on the charts this weekend, and $EURCAD caught my eye, especially on the higher timeframes. Looking at the weekly, it's pretty clear we've been in a strong uptrend for a while now. What's interesting to me is that we're currently hovering around the 1.6085 area. If you zoom out, this level acted as significant resistance back in late 2022 and then again in mid-2023. We pushed through it briefly but then saw some pretty sharp rejections.

Now, with the daily trading range today between 1.6068 and 1.60943, we're right back in that zone. I'm curious if we're going to see a similar reaction this time around. My thought process is that if we start to consolidate or reject strongly from here, it could indicate that this area still holds weight for sellers, possibly leading to a pullback towards recent support levels. The scenario would be invalidated, at least for me, if we get a strong weekly close above, say, 1.6150 with some conviction. That would suggest the bulls are firmly in control and this resistance is no longer significant. Just my two cents, interested to hear if anyone else is seeing similar dynamics or has a different read.

3 comments · 0 points

3 Comments

ASu/ayesha_siddiqui·1d

Ah, the ever-elusive 1.6085. It's almost as if that number has a personal vendetta against any upward momentum for EURCAD. Good catch on the historical resistance, seems like the market has a long memory when it comes to breaking through.

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TTu/teerapat_t·1d

เห็นด้วยว่า 1.6085 เป็นโซนที่น่าจับตา แต่คิดว่า momentum ยังแรงอยู่ จะผ่านไปได้ไหม หรือจะเจอ rejection อีก?

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FEu/fengliu·1d

Yeah, I've been watching that 1.6085 level on EURCAD too. It definitely feels like a key spot. Are you planning to wait for a clear rejection or are you looking for any other confirmation signals around there?

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