After major support breakout below 0.7350, EUR/CAD continues
trading below the 00 Moving Average. The Fibonacci applied to the first corrective
wave after the breakout indicates that the 161.8% level has been broke while 261.8
has not been reached yet.
Currently price is forming a resistance around the 0.7300 psychological
level, which had been rejected once. All in all, the trend is bearish and the pair is
very likely to continue going lower if 0.7300 holds.
Consider selling CAD/CHF at the current level targeting either
S2 (0.7190) or S3 (0.7125) as a final
target. The stop loss should be well above R1 (0.7300)
Support: 0.7260, 0.7190, 0.7125
Resistance: 0.7300, 0.7370
The material has been provided by InstaForex Company – www.instaforex.com