{"id":12764,"date":"2022-11-08T08:10:58","date_gmt":"2022-11-08T08:10:58","guid":{"rendered":"https:\/\/tradingshot.com\/?p=12764"},"modified":"2023-05-16T08:16:02","modified_gmt":"2023-05-16T08:16:02","slug":"eurcad-neutral-for-now-resistance-and-support-for-the-long-term","status":"publish","type":"post","link":"https:\/\/tradingshot.com\/index.php\/2022\/11\/08\/eurcad-neutral-for-now-resistance-and-support-for-the-long-term\/","title":{"rendered":"EURCAD Neutral for now. Resistance and Support for the long-term"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>The EURCAD pair couldn&#8217;t have traded better our September 19 set-up as the price broke above the 1 year Channel Down and broke above the 1D MA200 (orange trend-line) for the first time since Feb 07 2022, but got rejected on the 1.37150 Resistance:<\/p>\n<div class=\"tv-embeded-image\"><a class=\"js-embeded-chart-image tv-embeded-image__link\" title=\"EURCAD Hit the 1D MA100 for the 1st time since February!\" href=\"https:\/\/www.tradingview.com\/chart\/EURCAD\/PwepvL0w-EURCAD-Hit-the-1D-MA100-for-the-1st-time-since-February\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"js-image-lazy-load\" src=\"https:\/\/s3.tradingview.com\/p\/PwepvL0w_big.png\" alt=\"EURCAD Hit the 1D MA100 for the 1st time since February!\" \/><\/a><\/div>\n<p>This Resistance rejection pattern has taken place another two times since September 2021 and until we break above 1.37150, we have to be careful of a bearish break-out. For now the 1D MA100 (green trend-line) is supporting but the slightest break below it, can hit the 1.2870 Support and further break the -0.382 Fibonacci extension (1.25500) as the previous Resistance rejections did.<\/p>\n<p>A 1D candle close above the 1.37150 Resistance though, would constitute a complete shift to the long-term trend to bullish and target the upper Fibonacci retracement levels (light blue), which as you see match almost perfectly the Lower Highs of the former Channel Down.<\/p>\n<p>It is also interesting to observe the RSI on the 1W time-frame. It is struggling to break above its 1 year Resistance and as long as it does, the pattern shows a drop to the Support Zone. If it breaks above the Resistance though, it would also be a long-term bullish confirmation.<\/p>\n<p>Tradingview link:<\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/chart\/EURCAD\/dgUDgMKe-EURCAD-Neutral-for-now-Resistance-and-Support-for-the-long-term\" target=\"_blank\" rel=\"noopener\">https:\/\/www.tradingview.com\/chart\/EURCAD\/dgUDgMKe-EURCAD-Neutral-for-now-Resistance-and-Support-for-the-long-term<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The EURCAD pair couldn&#8217;t have traded better our September 19 set-up as the price broke above the 1 year Channel Down and broke above the 1D MA200 (orange trend-line) for the first time since Feb 07 2022, but got rejected on the 1.37150 Resistance: This Resistance rejection pattern has taken place another two times<\/p>\n","protected":false},"author":611,"featured_media":12765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1637],"tags":[],"class_list":["post-12764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex"],"_links":{"self":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/users\/611"}],"replies":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/comments?post=12764"}],"version-history":[{"count":2,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12764\/revisions"}],"predecessor-version":[{"id":12767,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12764\/revisions\/12767"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media\/12765"}],"wp:attachment":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media?parent=12764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/categories?post=12764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/tags?post=12764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}