EURCAD: Price Approaches A Crucial Pivot

As Germany faces consecutive economic contractions and the broader Eurozone grapples with diverse economic conditions, the upcoming flash CPI inflation figures take center stage. These figures will shape market expectations regarding potential rate cuts, with the ECB carefully navigating uncertainties surrounding global conflicts, labor shortages, and inflationary pressures. The Eurozone's economic trajectory remains fluid, and policymakers must strike a delicate balance to ensure stability and address emerging challenges in the months ahead.

EURCAD - W1 Timeframe

EURCAD on the weekly timeframe is approaching the key pivot zone. It is important to note that this pivot zone rests between the 76% and 88% of the Fibonacci retracement levels, making it an even more powerful area of support. The 100-period moving average is also within close range, and can be expected to provide further support as may be required.

EURCAD - D1 Timeframe

On the Daily timeframe, we see what looks like an inverted head-and-shoulders pattern, with the demand zone formed at the head fitting perfectly into the pivot zone. There is also a trendline support in sight, and the market structure is clearly bullish following the break above the previous high as highlighted on the chart with the horizontal arrow.

Analyst’s Expectations: 

Direction: Bullish

Target: 1.49717

Invalidation: 1.41530

CONCLUSION

The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.

TRY TRADING NOW

You can access more of such trade ideas and prompt market updates on the telegram channel.

Author: Adetola-Freeman Ogunkunle

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