InstaForex - Analytics

    InstaForex

    699.25 6.25/10
    61% of positive reviews
    Real

    EUR/CAD consolidating

    After testing the bottom at 1.3025, EUR/CAD started to move higher. New higher highs were achieved without any signs of weakness that could attract buyers and push price even higher.

    The descending channel has been broken. Fibonacci levels applied to the breakout point show that there is significant support at S2 (1.3507) that has been tested for tree times. It has been rejected continuously. The price tested R1 (1.3806) resistance level and rejected it. However, the bullish divergence on the RSI oscillator suggests that the corrective move up might be not over yet.

    Consider buying EUR/CAD at the current level targeting at R2 (1.3990) as this is where the next Fib resistance (23.6%) is seen. Only a break below the Doji candle low (1.3426) could result in a further decline.

    Support: 1.3658, 1.3507, 1.3323

    Resistance: 1.3806, 1.3990

     

    eurcad-d1-instaforex-group-2.png

     

     

    Show full picture

     

     


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree