EUR/CAD Gears Up for a Bullish Resurgence: Technical Confluence

15 авг. 2023 г.

EUR/CAD Gears Up for a Bullish Resurgence: Technical Confluence Points to a Promising Long Setup

In a striking turn of events, the EUR/CAD currency pair has staged an impressive rebound, finding substantial support at the critical level of 1.46500. This resurgence has been accompanied by a robust candle formation, a convergence of Fibonacci retracement levels, and a resolute commitment to the overarching uptrend. As the stars align in favor of the Euro (EUR), market participants are poised to seize the opportunity for a new long setup, riding the potential wave of a renewed bullish impulse.

The pivotal role of the 1.46500 support level cannot be overstated. Serving as a steadfast foundation for the recent price action, this level has proven its mettle in halting the pair's descent and providing a springboard for its upward rebound. Such a rebound, when viewed in conjunction with the 38.2% and 50% Fibonacci retracement area, underscores the confluence of technical factors propelling the EUR/CAD's resurgence.



TurnAround Point: 1.4686

Our preference

The upside prevails as long as 1.4686 is support.