Bullish EURCAD - 12 July 2024 - Technical Analysis

EURUSD Forex

EURCAD

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 4 Hour time frame chart supports EURCAD Bullish bias. A break of 1.47900 will support the rise towards the target of 1.48350 the break of 1.48350 would push the price to 1.48650.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 1.5047
Support S1: 1.5043, S2: 1.504 , S3: 1.5036
Resistance R1: 1.505 , R2: 1.5054 , R3: 1.5057

Summary

Instrument :

EURCAD

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

80%

Entry Level :

1.47900

Activation Time :

2024-07-07 21:00

Age :

28 Bars

Progress :

100%

Close Time :

2024-07-12 09:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

There are no signals right now

Ascending Triangle

An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trend line to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.