InstaForex - Analytics


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    EURCAD trading in the demand area, again.

    According to my previous analysis of EUR/CAD, the demand area remains strong support and was tested once again yesterday. At the same time, the price hit a new high confirming the validity of a major uptrend that should result in further extensions up.

    Consider buying EUR/CAD this week while it remains near S1 (1.4000) support / demand area targeting 161% retracement level of the Fibonacci applied to the trend-line breakout point - R2 (1.4640). Although the strong support is at S1, some spikes are still possible and therefore it would be reasonable to place stop loss below S2 (1.3868). A break below S2 would invalidate these analysis and would trigger a consolidation on the EUR/CAD.

    Support: 1.3983, 1.3868

    Resistance: 1.4639


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