EURCAD (D) - medium term bullish bias
The euro seems to have reached the bottom after three attempts at 1.4440 - the low from September 2017. The bullish RSI divergence first signalled a deceleration in the downward momentum. Then the break above 1.4680 gave buyers confidence to get in on pullback at the 61.8% (1.4555) Fibonacci retracement level. As the price gets back to 1.4700, we may expect this to be the wave B as part of an ABC corrective pattern, with 1.4810 as the immediate target.
Key support: 1.4550
Key resistance: 1.4810
The euro seems to have reached the bottom after three attempts at 1.4440 - the low from September 2017. The bullish RSI divergence first signalled a deceleration in the downward momentum. Then the break above 1.4680 gave buyers confidence to get in on pullback at the 61.8% (1.4555) Fibonacci retracement level. As the price gets back to 1.4700, we may expect this to be the wave B as part of an ABC corrective pattern, with 1.4810 as the immediate target.
Key support: 1.4550
Key resistance: 1.4810
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.