Is EURCAD ready to stage a massive recovery?
We saw EURCAD massively rally from the 1.3000 monthly support level to 1.3600 and close extremely bullish on the monthly chart, showing a clear candlestick reversal pattern after a significant drop in recent months.
We've since seen a pullback to retest the broken resistance, now support, around 1.3400 with the potential to head lower towards the liquidity pool area around 1.3330, which we reached yesterday.
The market found last buyers and aggressively rejected off the liquidity pool area as expected. On the daily chart, we saw the daily candle close as a bullish hammer, potentially signaling the reversal to continue up. We also saw rejection off the 38.2% fib level, which adds confluence for the upside.
Could we see a continuation up and a second leg towards 1.3750?
We've since seen a pullback to retest the broken resistance, now support, around 1.3400 with the potential to head lower towards the liquidity pool area around 1.3330, which we reached yesterday.
The market found last buyers and aggressively rejected off the liquidity pool area as expected. On the daily chart, we saw the daily candle close as a bullish hammer, potentially signaling the reversal to continue up. We also saw rejection off the 38.2% fib level, which adds confluence for the upside.
Could we see a continuation up and a second leg towards 1.3750?
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