By looking at the daily time-frame it is easy
to tell that EUR/CAD has been caught in a very wide sideways consolidation for
a long time now, ever since the beginning of May this year. Currently this
consolidation continues, as the pair bounced off from the support at 1.4735,
which is slightly below the (MA)89 indicator on the same daily time-frame.
EUR/CAD is testing the resistance at 1.4855 and if it breaks out above that
level it will likely continue moving to the upside towards 1.5060 or even
towards the previous high at 1.5144. On the other hand, if it bounces off from
the aforementioned resistance at 1.4855 it will probably fall back to 1.4735
and a break out below the support could lead to a further drop towards 1.4650.
I think it will continue moving north.
ReplyDelete