EURUSD Consolidates, Breakout Possible
The EURUSD pair has been trading in a tight range for the past few days, consolidating around a key resistance level. Traders are closely watching the price action for any signs of a breakout, as the next direction for the currency pair could be significant.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The USDCAD pair has shown a significant price movement recently, breaking below a bullish channel and reacting to a support zone indicated as light red. This price action indicates a bearish potential for the currency pair in the near future. The break below the bullish channel is a clear sign of the weakening bullish trend and the subsequent reaction to the support zone shows that the market participants are closely watching this level for further price action. If the support zone is lost, it could trigger a big bearish wave in the market. Therefore, traders should be cautious in their approach and closely monitor the price action around the support zone to identify any potential bearish signals. Overall, the technical analysis suggests that the USDCAD pair may experience further bearish momentum in the short term, and traders should be prepared for potential downside risks.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.