empty
 
 
01.06.2015 12:47 AM
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

This image is no longer relevant

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback