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FX.co ★ EURCAD M5: Bearish Symmetrical Triangle

EURCAD M5: Bearish Symmetrical Triangle

Bearish Symmetrical TriangleThe Bearish Symmetrical Triangle pattern has formed on the EURCAD M5 chart. Its lower boundary passes through 1.6088/1.6092, while its upper boundary passes through 1.6097/1.6092. The pattern width is 9 points. The Bearish Symmetrical Triangle indicates a likely continuation of the downtrend. If EURCAD breaks below the lower boundary, the price could move toward 1.6077.
The M5 and M15 time frames may generate more false entry signals.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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