mql5

EUR/CAD: breakdown to bearish reversal. Daily price for the pair is located above Ichimoku cloud for the primary bullish market condition with the secondary correction to be started. Chinkou Span line broke the price to below for good breakdown to be started and to be continuing in the near future, and Absolute Strength indicator is estimating the secondary correction to be started. The price broke two key support levels during the breakdown with 1.4940 support level as the target in this case for example.

There are 3 simple scenarios for the price movement for the next 3 weeks:

• the breakdown will be continuing in case the price breaks 1.5331 support level on close daily bar;
• the bearish reversal will be started in case the price breaks 1.4940 support level to below;
• or the ranging within the primary bullish s/r levels will be started.

There are the following news events which will be affected on EUR/CAD price movement for the week:

• 2016-01-25 09:00 GMT | [EUR - German Ifo Business Climate]
• 2016-01-25 18:00 GMT | [EUR - ECB President Draghi Speaks]
• 2016-01-26 15:00 GMT | [USD - CB Consumer Confidence]
• 2016-01-27 19:00 GMT | [USD - Federal Funds Rate]
• 2016-01-28 13:30 GMT | [USD - Core Durable Goods Orders]
• 2016-01-29 07:00 GMT | [EUR - German Retail Sales]
• 2016-01-29 13:30 GMT | [CAD - GDP]
• 2016-01-29 13:30 GMT | [USD - GDP]

Resistance	Support
1.5957	1.5331
1.6103	1.4940