EUR/CAD is on the backfoot but dynamic support could play a role in a bullish correction. Bears will target a downside extension from the daily W’s neckline resistance area. EUR/CAD on the brink of an upside rejection according to the daily chart’s structure. The following is a top-down analysis that supports a bullish bias for the near term before a downside continuation into familiar weekly support. Monthly chart The price is trapped between a monthly support and resistance areas. Weekly chart The price is attempting to break out to the upside but has failed and the support zone is compelling. Daily chart As illustrated, the W-formation on the daily chart offers a the case for the upside to the neckline and prior resistance/support structure. The dynamic support would be expected to hold and there is a high probability that the price will retrace at least a 38.2% Fibonacci retracement of the latest bearish impulse. In doing so, the price would then be expected to continue in the bearish trajectory to challenge the familiar support area. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US ambassador to meet Taiwan’s President FX Street 11 months EUR/CAD is on the backfoot but dynamic support could play a role in a bullish correction. Bears will target a downside extension from the daily W's neckline resistance area. EUR/CAD on the brink of an upside rejection according to the daily chart's structure. The following is a top-down analysis that supports a bullish bias for the near term before a downside continuation into familiar weekly support. Monthly chart The price is trapped between a monthly support and resistance areas. Weekly chart The price is attempting to break out to the upside but has failed and the support zone is compelling. Daily… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
