As can be see from the following trade opportunity alert that I received today for EUR/CAD, Autochartist expects the pair to rise to the target level 1.3520 in the following 15 hours. This target level corresponds to the previous downward reversal point (point B on the chart below) of the upper resistance trendline of the recently broken Down Channel chart pattern identified by Autochartist on the 4 hour charts. Autochartist sets the stop level for this advance at 1.33395 (point A). This support level formed when the pair corrected up from the support area made out of the weekly resistance level 1.3400 (which reversed the pair down in February of 2012, acting as support now after it was broken recently) and the 38,2% Fibonacci Retracement of the earlier daily upward price impulse from the start of this year.
The following weekly EUR/CAD chart shows the aforementioned technical price levels:
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Daily Forex Update: EUR/CAD To Rise
Published 02/12/2013, 04:57 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: EUR/CAD To Rise
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