EURCAD SELL

EURCAD

We had a steady uptrend on the 2-hour time frame until we reached the 1.47800 level creating a double top. From that point price reacted with a hard rejection, pushing price to retest the .382 level on the Fib. Price held at that level created a micro support level rejecting again to retest the highs. Once the 2-hour double top was retested price was rejected. If price fails to break above this level, there is a chance that we could see a break of the .382 level on the Fib or possibly retesting the .618.

"If the price of the asset succeeds in surpassing its previous high levels, which could be an indication of a major price breakout, the upward trend is expected to continue, indicating a potential buying opportunites.