OUTLOOK: EUR/CAD has been ranging for the past 2 weeks and has seen it range between 1.46200 area (low) and 1.54200 area (high).
With a now prominent text-book bullish pin bar evident on the daily chart (highlighted blue box), EUR/CAD looks ready to move higher
back to the 1.54200 - a key weekly Fibonacci 0% level @ 1.54339.
Note: Should prices close above the first target of 1.50300, expect target 2 insight.
CONCLUSION: BULLISH BIAS
BULL INDICATORS:
1. Daily candle closed above Weekly 23.6% Fibonacci Levels located @ 1.48399
2. Weekly Trend line (support) is still intact and yet to be broken
3. Bullish pin bar - found near key weekly trend line and Fibonacci support levels
BEAR INDICATORS
1. Weekly chart shows a long tailed bearish pin bar, which could signal a reversal once price move
to key daily & weekly resistance levels.
TARGETS
Target 1: 1.50300
Target 2: 1.54339
STOPS
Ideally place - @ 1.46591 (tip of bull pin bar)
Conservatively place - @ 1.46228 (below double bottom pattern)
With a now prominent text-book bullish pin bar evident on the daily chart (highlighted blue box), EUR/CAD looks ready to move higher
back to the 1.54200 - a key weekly Fibonacci 0% level @ 1.54339.
Note: Should prices close above the first target of 1.50300, expect target 2 insight.
CONCLUSION: BULLISH BIAS
BULL INDICATORS:
1. Daily candle closed above Weekly 23.6% Fibonacci Levels located @ 1.48399
2. Weekly Trend line (support) is still intact and yet to be broken
3. Bullish pin bar - found near key weekly trend line and Fibonacci support levels
BEAR INDICATORS
1. Weekly chart shows a long tailed bearish pin bar, which could signal a reversal once price move
to key daily & weekly resistance levels.
TARGETS
Target 1: 1.50300
Target 2: 1.54339
STOPS
Ideally place - @ 1.46591 (tip of bull pin bar)
Conservatively place - @ 1.46228 (below double bottom pattern)