EURCAD Long

Trend and Context:

Overall Trend: The chart shows a bullish trend on the 4-hour timeframe for EUR/CAD. The price has been making higher highs and higher lows, and it is trading above the 50-period SMA (1.50285) and the 200-period SMA (1.48860), which reinforces the bullish bias.

Key Levels:

Support: The closest support level is just above 1.50691, around the lower trendline that has formed within the wedge pattern. This level also coincides with the 50-period SMA, adding to its strength as a potential support area.
Resistance: The target resistance level is around 1.52012, marking a potential take-profit zone. This level represents a previous swing high.

Technical :

Symmetrical Triangle Breakout: The chart shows a symmetrical triangle pattern forming over the last few sessions. The price is breaking above the upper trendline of the triangle, signaling a potential bullish breakout. This breakout indicates the continuation of the broader uptrend.
Moving Averages: The price is comfortably above both the 50-period and 200-period SMAs, signaling that the market is in a strong uptrend and the momentum is positive.