Despite a slight decline from its highest levels since 2002, around 109 range, it is just a correction, and the green king, the US dollar, will resume its rally…
EUR/CAD: correction time?
2020-03-12 • Updated
After opening the week with a gap up, EUR/CAD formed two inside bars on the D1. This is the sign that the advance has run out of steam. The pair is awaiting the actions and comments of the European Central Bank. The ECB will announce its policy changes at 14:45 MT time and hold a press conference at 15:30 MT time. Market players expect the regulator to announce monetary stimulus following the path of other key central banks.
Notice that support for EUR/CAD lies at 1.5445 (23.6% Fibo of the February-March advance). The next level on the downside will be at 1.5400. The decline below this point will open the way down to 1.5245 (top of the gap; 38.2% Fibo). Given the overbought condition of the pair, we recommend considering bullish trades only above 1.5650 targeting the previous high in the 1.5800 area.
Trade idea for EUR/CAD
SELL 1.5440; TP1 1.5400; TP2 1.5250; SL 1.5455
What will happen? Federal Reserve Chair Jerome Powell will give a speech during the Jackson Hole Symposium on August 26 at 18:00 GMT+3…
As central banks raise rates amid recession fears and companies deliver financial results, markets are super active and provide multiple trade opportunities. Let's see what awaits traders this week!
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