"Pullback or Breakout? Key Levels to Watch on EUR/CAD"

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Technical Analysis Of EURCAD

1. Current Market Structure

EUR/CAD is trading around 1.6135, consolidating just below the first resistance zone (1.6180). Price has previously broken out from a range and is now in a bullish structure with higher highs and higher lows.

2. Key Support & Demand Zones

* Support Area: Around 1.6060, which acted as an entry area after the breakout.
* Demand Zone: Near 1.5910, where strong buying previously occurred, making it a critical level if deeper pullback happens.

3. Resistance Levels & Targets

* First Resistance / Target Zone: 1.6180, immediate hurdle for bulls.
* Final Resistance / Target: 1.6280, the ultimate bullish target if price maintains upward momentum.

4. Possible Price Scenarios

* Bullish Outlook: If price pulls back to 1.6060 and shows bullish confirmation, we can expect a move towards 1.6180, and eventually 1.6280.
* Bearish Outlook: A break below 1.6060 opens the door for a correction towards 1.5910.

5. Trading Plan

* Bias: Bullish above 1.6060.
* Strategy: Wait for pullback and bullish price action near support before entering long positions. Avoid chasing entries at resistance.

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