EUR/CAD Breaks Out of Wedge Pattern, Targets 1.5268 and Beyond

8월 8일

EUR/CAD recently broke out of a significant wedge pattern that took 169 days to form, signalling potential bullish momentum ahead. This classic technical indicator suggests that the pair could reach 1.5268, with a more aggressive target identified at 1.5440.

In the short term, the price action has pulled back slightly, testing key the high from November 2023 at 1.5042, the high from July 26 at 1.5022. This pullback towards these previous highs is a natural part of the price movement, as the market tests support levels before potentially resuming its upward trend.

Buyers are likely to step in at these levels, seeing the pullback as an opportunity to lift the price toward the first target of 1.5268, provided the price remains above the low of August 1 at 1.4891.


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