Was the EUR/CAD breakout false?
Prior State: Since February 2017 the Euro has been steadily climbing against the Canadian Dollar.
Current State: Price retraced approximately 50% of the rise from 2/27/17 to 3/12/18 (1.3827 to 1.6089 at 50% is 1.4996) The rally above 1.5475 confirmed a resumption of the rally.
Future Forecast: Today's massive selloff is bringing the price near the targeted support resistance level placing the breakout at risk. The forecast is still for higher EUR/CAD, but the price will need to stay above 1.51 for that forecast to remain intact.
Current State: Price retraced approximately 50% of the rise from 2/27/17 to 3/12/18 (1.3827 to 1.6089 at 50% is 1.4996) The rally above 1.5475 confirmed a resumption of the rally.
Future Forecast: Today's massive selloff is bringing the price near the targeted support resistance level placing the breakout at risk. The forecast is still for higher EUR/CAD, but the price will need to stay above 1.51 for that forecast to remain intact.
For more analysis, signals, education, and more sign up for Forex Forecast. It's free.
positionforex.com/join-forex-forecast/
positionforex.com/join-forex-forecast/
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.