EUR/USD reversed from support zone Next buy target - 1…
GBP/CAD hovering inside a buy area
The pair is consolidating the price action around the 200 SMA at H1 chart across the board and it’s facing a strong demand zone that could help to push it higher towards new highs. If the Fibonacci level of 65% at 1.7766 stays intact, GBP/CAD could rally to test the Fibonacci area of -23.6% at 1.8149. To the downside, if it does a breakout of last Friday’s lows, we can expect a leg lower towards the 1.7614 level.
RSI indicator stays in the positive territory and it’s close to the overbought zone.
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.