EUR/USD reversed from support zone Next buy target - 1…
EUR/CAD broke resistance level 1.5660
- EUR/CAD broke resistance level 1.5660
- Next buy target 1.6000
EUR/CAD continues to rise after the earlier breakout of the resistance level 1.5660 (which stopped the previous minor impulse wave 3 in February, as can be seen from the daily EUR/CAD chart below). The breakout of the resistance level 1.5660 coincided with the breakout of the resistance trendline of the wide daily up channel from last September. EUR/CAD is expected to rise further toward the next buy target at the next resistance level 1.6000.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.