PAIR: EURCAD
BIAS: BEARISH / SHORT
Price has broken down from the consolidation zone, and retested it. Price could either drop strongly, or have another attempt to retest the zone. If price attempts to retest the zone again, it is crucial to note if price forms a new recent high. The probability of a bearish move after a new high is lower.
Should this bearish trend continue, price could retest the 1.41800 level. However, if it hovers or strongly rejects just above the level and forms a higher low, one can consider to secure some profits.
BIAS: BEARISH / SHORT
Price has broken down from the consolidation zone, and retested it. Price could either drop strongly, or have another attempt to retest the zone. If price attempts to retest the zone again, it is crucial to note if price forms a new recent high. The probability of a bearish move after a new high is lower.
Should this bearish trend continue, price could retest the 1.41800 level. However, if it hovers or strongly rejects just above the level and forms a higher low, one can consider to secure some profits.