EUR/USD today reached the target level 1.2851 that was given in the trade opportunity alert that we discussed last week (shown below). The Euro had previously broken below the Up Channel identified by Autochartist on the daily EUR/USD charts and continued to decline last week in line with this trade opportunity alert (only correcting shortly up at the end of the week). This forecast was realized today in close correspondence with the time calculated by Autochartist – within the next five trading days.
EUR/USD" title="EUR/USD" width="600" height="331">
As you can see from the next trade opportunity alert for CAD/JPY, this currency pair is expected to fall to the target level 88.5435 in 6 days. This target level (point A) stands at the lower support trendline of the daily Rectangle chart pattern identified by Autochartist. The stop-level for this forecast is set at 94.375 (point B) which runs close to the major long-term resistance level 94.00 that previously reversed the pair sharply down in April of 2010. The proximity of the strong resistance 94.00 adds to the likelihood that the pair will reach 88.5435 in 6 trading days.
CAD/JPY" title="CAD/JPY" width="600" height="329">
The following weekly CAD/JPY chart shows the previous price action close to the major resistance 94.00:
CAD/JPY 2" title="CAD/JPY 2" width="600" height="624">
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EUR/USD Reaches Target Level, CAD/JPY To Fall
Published 03/20/2013, 06:22 AM
Updated 03/09/2019, 08:30 AM
EUR/USD Reaches Target Level, CAD/JPY To Fall
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