NZD/JPY falling inside minor impulse wave C Next sell target - 76…
EUR/CAD broke support zone
- EUR/CAD broke support zone
- Next sell target - 1.4720
EUR/CAD continues to fall after the earlier breakout of the support zone lying between the support level 1.4960 (which reversed the previous minor corrective wave (a) at the start of December, as can be seen below) and 38.2% Fibonacci correction of the previous upward impulse from September. The breakout of this support zone accelerated the c-wave of the active minor ABC correction 2 November. EUR/CAD is expected to fall to the next sell target at the next support level 1.4720 (target price for the completion of wave 2).
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.