EURCAD is continuously downtrending, near previous support level

1 בנוב׳ 2021

Comment:

EURCAD Daily timeframe shows downtrend by Ichimoku. However the market is near previous support level.

Ichimoku Trend Analysis:

- Kumo (Senko span A) down
- Kijun sen down
- Chiko span below candles

Next Scenario:

Market is in downtrend as per above Ichimoku trend confirmation but very close to the previous support level of 1.4262 from Feb 2020. There is a potential breakout as long as Kumo and Kijun sen are down but need to watch out for a push back. To be safer, better to wait for a breakout and enter trades.