EUR/USD: local bullish 'Engulfing'
The market is likely going to test the next resistance at 1.1836, which could be a starting point for a bearish correction...
EUR/CAD rising inside intermediate impulse wave (3)
- EUR/CAD rising inside intermediate impulse wave (3)
- Next buy target - 1.4900
EUR/CAD continues to rise inside the intermediate impulse wave (3), which started earlier from the combined support area lying between the pivotal support level 1.4500 (which stopped the earlier A-wave in the middle of July), lower daily Bollinger Band and the 50% Fibonacci correction of the previous intermediate impulse wave (1) from February. EUR/CAD is expected to rise to the next buy target at the next resistance level 1.4900 – the breakout of which can lead to further losses toward 1.5000.
Dmitry Chernovolov
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