Price has broken out on the daily EURCAD chart of the key resistance level. Price is in a clear up-trend in this market with price making higher highs and higher lows which is a key indication in all up-trending markets. Price in recent days has run harder to the up-side and has burst through a very important resistance zone which had previously held and which had formed a 2 bar reversal.
If price rotates back lower and into this old resistance area, this level may hold as a new support area and act as a high probability area for traders to look for trades with the trend and at a key level. If price does make it back to this level it would then be key that traders look for solid price action setups to confirm any possible trades and not just jump into random trades.
EURCAD DAILY CHART
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