EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/CAD broke support level 0.8850
2019-11-11 • Updated
- EUR/CAD broke support level 0.8850
- Next sell target - 1.5000
EUR/CAD continues to fall after the recent breakout of the support level 1.5130 (which stopped the price in the middle of June, as can be seen below) –intersecting with the 61.8% Fibonacci correction of the previous sharp upward impulse (1) from the end of May. The breakout of the support level 1.5130 accelerated the active short-term impulse wave C from June. EUR/CAD is expected to fall further toward the next sell target at the next round support level 1.5000 (which stopped the downtrend in May).
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.
The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.