In a recent turn of events, EURCAD has broken through the upper border of the wedge pattern indicated on the 4-hour chart.
In a recent turn of events, EURCAD has broken through the upper border of the wedge pattern indicated on the 4-hour chart. Further rally is anticipated in coming days with the next target set at 1.4763. A climb above this level could steer the pair towards the 1.4880 zone.
Don’t forget to keep an eye on the key support levels though! Presently, it looms at 1.4625. A plummet below this could spark a fall back towards the bottom of the wedge pattern.
Looking more pessimistic? Then a dive below the wedge pattern base, now placed at 1.4530, could signify the downtrend renewal from 1.5042, setting sights lower at the 1.4400 region.
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