- Currently we can see a downward channel formation on EURCAD
- 1.5450-1.5400 is a support area and 1.5700 is a resistance also the upper edge of the channel.
- The price is above 200 EMA on Daily TF.
- A sustained move over 1.5400 will indicate the presence of buyers. If this move creates enough upside momentum then i'll look for the rally which can possibly extend to 1.5700
- Meanwhile, A daily close below 1.5400 can take the price to 1.5050