EUR/USD reversed from support zone Next buy target - 1…
EUR/CAD reversed from key resistance level 1.5200
- EUR/CAD reversed from key resistance level 1.5200
- Next sell target - 1.5000
EUR/CAD recently reversed down from the key resistance level 1.5200 (which also stopped the previous primary ABC correction ② in November, as can be seen from the daily EUR/CAD chart below). The resistance zone near the resistance level 1.5200 is strengthened by the upper daily Bollinger Band. Given the strength of the resistance level 1.5200 and the clear bearish divergence on the daily Stochastic indicator - EUR/CAD is expected to fall to the next sell target at the round support level 1.5000.
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.