57
DEby u/dewilim·8hAnalysis

$EURCAD — Watching for a breakdown or consolidation at this level

Been looking at $EURCAD for a few days now, and it seems to be really struggling to make any decisive move past this 1.6090 resistance. We saw it poke above it briefly today to 1.60953, but it couldn't hold. The prior day's high was also rejected from similar territory. It feels like a key decision point here. If it can't find solid footing above 1.6090 soon, I'd anticipate a retest of the 1.6080 area, potentially even lower toward the 1.6050-1.6060 zone. The risk to that view, obviously, is a strong impulse move through 1.6100, which would likely negate any immediate downside bias and put 1.6120 and higher back on the table. For now, it's a waiting game to see which way it resolves from this range.

1 comments · 57 points

1 Comments

AKu/ahmed_k·8h

That's a good point about the struggle to break 1.6090. Do you think there's significant selling pressure building up, or is it just a lack of buying interest at that level?

2

More like this