EUR/CAD Is Dropping

Last week, before the market closed, the EUR/CAD pair moved sharply to the upside before bouncing off the resistance at 1.4750. When the market opened today it opened with a bullish gap, but afterwards it formed a shooting star candlestick on both the one-hour and thirty-minute time-frames and started moving to the downside, not only recovering the gap, but continuing on its way down until the pair reached the support at 1.4650, which coincides with (MA)89 on the thirty-minute time-frame. EUR/CAD will likely break below that support level and if it does we can probably expect a further drop towards the next support level at 1.4610, which coincides with (MA)89 on the one-hour time-frame.

EUR/USD Is Moving to the Upside

EUR/USD reached the support at 1.0850 and bounced off of it, then it continued consolidating sideways for a few days and formed several very telling candlesticks on the daily time-frame, namely a pair of spinning top candlesticks as well as an inverted hammer candlestick before it continued moving to the upside. More importantly, the pair reached and broke above the resistance at 1.0970, which coincides with (MA)89 indicator on the four-hour time-frame. Next week EUR/USD will likely continue moving to the upside and its next target will probably be around 1.1000 – 1.1020, and a possible breakout above that level will lead to a further move to the upside towards 1.1100.

EUR/NZD Bounced off of 1.5100

The shooting star candlestick formed on October 11^th below the resistance at 1.5770 on the daily time-frame was a valid signal for a move to the downside and EUR/NZD continued dropping until it reached the support at 1.5100. After forming a spinning top candlestick on the daily frame above that support and after several days of sideways consolidation the pair is finally moving to the upside again. Its first target is likely the resistance at 1.5330, which coincides with the (MA)89 indicator on the four-hour time-frame. A breakout above that level will probably lead to a further move to the upside towards the next resistance level at 1.5400 – 1.5410.