EUR/CAD May Bounce off from 1.4990

EUR/CAD reached the support at 1.4990 which coincides with the (MA)89 indicator on the weekly time-frame last week and although it formed a clear hammer candlestick on the same time-frame at that level the pair did manage to break out below the support. The breakout, however, was quite brief, and now EUR/CAD is back above the indicator. What is more, the week is almost over and the pair is in the process of forming another hammer candlestick. If it does form such a candlestick that will be another signal that it will probably bounce off from 1.4990 and start moving to the upside. If or when it does the closest target will likely be at 1.5300.