Looking at $EURCAD around 1.6080 – potential resistance?
Been watching $EURCAD today and it's interesting to see it bounce off that 1.6080 area a couple of times already. It touched 1.60798 earlier and then pulled back. I'm curious if this level, which seems to be acting as some short-term resistance, might hold if we retest it with more conviction. The overall range for the day has been pretty tight, 1.60601 to 1.60798, so it feels like a decision point could be forming.
My thinking is if we get a sustained break above 1.6080, especially on higher volume, then this idea of it being a ceiling is invalidated, and we could see a move towards 1.6100 or higher. But for now, that 1.6080 seems to be a level to keep an eye on. Just my two cents, still pretty new to connecting these intraday moves to anything meaningful.
Yeah, I'm seeing that too. It's definitely holding as resistance so far. Wondering if there's enough bearish momentum building up or if it's just a temporary breather before it pushes higher.