EUR/CAD ā Resistance Rejection Signals Potential Pullback š
EUR/CAD remains in a well-defined ascending channel, maintaining a strong bullish structure overall. However, the pair has now reached a major resistance zone around 1.6300 ā 1.6320, which aligns perfectly with the upper boundary of the channel.
A clear rejection from this resistance area indicates weakening bullish momentum and the possibility of short-term distribution. Sellers appear to be stepping in aggressively at this level.
As long as price stays below the highlighted resistance, the market is likely to enter a corrective phase. Any weak bullish continuation or consolidation beneath this zone will further validate the bearish outlook.
š Key Levels to Watch:
* Resistance: 1.6300 ā 1.6320
* Target 1: 1.6020
* Target 2: 1.5900
While the broader trend remains bullish, the current setup favors a short-term bearish correction toward lower liquidity zones before any potential continuation higher.
ā ļø This idea is for educational purposes only. Always trade with proper risk management.
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