EUR/CAD has recently completed the Falling Wedge chart pattern identified by us on the daily charts. We rate the overall quality of this chart pattern at the 5 bar level as a result of the above-average Initial Trend (rated at the 6 bar level), lower Uniformity (3 bars) and higher Clarity (7 bars). The bottom of this chart pattern (point D on the chart below) formed when the pair reversed up from the strong support at 1.2800 (which had previously reversed the pair sharply up at the start of last year, as is shown on the second chart below). The subsequent strong upward price thrust from 1.2800 broke through the upper resistance trendline of this Falling Wedge (with the Breakout strength rated at the high 8 bar level). The pair is expected to rise further toward the Forecast Price 1.3170.
The following daily EUR/CAD chart shows the previous price action close to the strong support level 1.2800:
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EUR/CAD Completes Falling Wedge Chart Pattern
Published 05/21/2012, 03:52 AM
Updated 03/09/2019, 08:30 AM
EUR/CAD Completes Falling Wedge Chart Pattern
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