EUR/CAD: Strong impulsive break of key resistance

Chris Capre 2ndskiesforex

Price Action Context

Following a series of lower lows and lower highs in August, in September the pair started printing higher lows towards a key resistance. Today bulls followed through on this short-term reversal by impulsively breaking through the key resistance.

Trending Analysis

The long-term bias on this pair has been bullish for a while now and this short-term reversal from short-term bearish to bullish plays into this long-term bias. Traders not long the pair yet can look for potential buying opportunities on weak pullbacks into the broken resistance which now should act as support.

Closest Support & Resistance Zones

Resistance: 1.5800 – 1.6000

Support: 1.5630 – 1.5675

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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