EUR/CAD has recently completed the Triangle chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this chart pattern at the 7 bar level as a result of the equally rated Initial Trend (7 bars), lower Uniformity (6 bars) and higher Clarity (8 bars). The completion of this Triangle continues the strong downtrend visible on the daily and the weekly EUR/CAD charts. The top of this chart pattern (point A on the chart below) formed when the pair reversed down from the strong resistance level 1.2500 (former major support which stropped the strong downtrend in the middle of 2010, as is shown on the second chart below). The downward price impulse from 1.2500 broke the lower support trendline of this Triangle with the Breakout whose strength is rated at the high 8 bar level. EUR/CAD is expected to fall further in the direction of the Forecast Price 1.2257.
The weekly EUR/CAD chart below shows the previous action close to the major price level 1.2500:
EUR/CAD" title="EUR/CAD" width="596" height="660">
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Daily Forex Update: EUR/CAD
Published 08/30/2012, 07:46 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: EUR/CAD
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