EUR/CAD broke support level 0.8850

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).

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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.

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