EUR/CAD continues trading above the 200 Moving average and
has re-tested and rejected the MA breakout point for several times. Overall
price bounce off all 3 support levels of the Fibonacci applied to the channel
At the same time the R1 (1.4960) resistance has been broken
opening doors for further rise. Currently, price is trading very near S1
(1.4850) which was rejected just yesterday.
Consider buying EUR/CAD at the current level, targeting R2
(1.5130) level and stop loss well below S1.
Support: 1.4850, 1.4760, 1.4670
Resistance: 1.4960, 1.5130
The material has been provided by InstaForex Company – www.instaforex.com