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Next Week Forecast: the most interesting pair you can make money with - EUR/CAD

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by , 12-20-2015 at 11:00 AM (1016 Views)
      
   
EUR/CAD: bullish breakout. The pair is on bullish market condition since the beginning of Dec this year: price broke Ichimoku cloud from below to above together with Senkou Span line which is the virtual border between the primary bearish and the primary bullish trend on the chart. The price was stopped by 1.5125 resistance and 1.5200 resistance levels together with ascending triangle pattern to be formed for the price to be started with the ranging market condition near and below those resistance levels. The price is ranging within the following key reversal support/resistance levels:

  • 1.5200 resistance level located above Ichimoku cloud in the primary bullish area of the chart, and
  • 1.4618 support level located on the border between the bearish and bullish trend on the daily chart.

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

  • bullish trend will be contining in case the price breaks 1.5200 resistance from below to above.
  • bearish reversal to be started in case the price breaks 1.4618 support level,
  • or the ranging within the levels.

Chinkou Span line is located above the price indicating the bullish breakout to be continuing by direction.

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Resistance
Support
1.5125 1.4618
1.5200 1.4023

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