🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

EUR/CAD Breaks Through Horizontal Key Support Level 1.2853

Published 05/30/2012, 05:01 AM
Updated 03/09/2019, 08:30 AM
EUR/CAD
-

EUR/CAD has recently broken down through the horizontal Key Support Level 1.2853 on the 4-hour charts. The significance of this level is measured by us at the 3 bar level. The breaking of this support level continues the strong downtrend visible on the daily and the weekly EUR/CAD charts. The pair is expected to fall further toward the Forecast Price 1.2772 in the nearest time. This price level stands very close to the longer-term major support level 1.2776, which had previously reversed the pair sharply up at the start of last year (as is shown on the second chart below). This level should be broken on a closing basis for the pair to fall further.
Dailyfx 1
The following weekly EUR/CAD chart shows the previous price action close to the support at 1.2776:
<span class=EUR/CAD" title="EUR/CAD" width="597" height="625">

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.