EUR/USD reversed from support zone Next buy target - 1…
USD/CAD broke resistance zone
- USD/CAD broke resistance zone
- Next buy target - 1.3000
USD/CAD today broke the resistance zone lying between the resistance level 1.2770 (top of the previous minor correction 4), 38.2% Fibonacci correction of the previous extended downward price impulse from May. The breakout for this resistance zone was preceded by the breakout of the resistance level 1.2600 (top of the earlier corrective wave A and previous buy target). USD/CAD is expected to rise to the next buy target at the next round resistance level 1.3000.
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.