EUR/CAD

EUR/CAD

By FX SolutionsMar 13, 2008 08:00PM ET

www.investing.com/analysis/technical/eur%252Fcad-5329

EUR/CAD

By FX Solutions | Mar 13, 2008 08:00PM ET

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EUR/CAD – A large rising wedge pattern has been forming on the EUR/CAD daily chart, as shown, since August 2007. This wedge is outlined on the chart by the converging green lines. The lower border of the wedge has been touched at least three or four times, while the upper border has been touched at least four times before it was hit once again on Friday (3/14/2008). The upper border of this wedge also currently coincides with a long-term downtrend line (represented on the chart by the red line). Combined, these two lines are providing relatively strong price resistance, as of this writing. Therefore, any breakout above this level with follow-through should represent a solid potential breakout trading opportunity. On the other hand, a bounce back down, which is supported by overbought oscillators like the displayed Stochastics, should target support at the 38.2% Fibonacci retracement level (the low-to-high retracement span being measured from the last touch of the wedge’s lower border on 2/26/2008 to Friday’s touch of the wedge’s upper border), and then ultimately the support found at the bottom line of the wedge. Ultimately, a breakdown of the bottom line of the wedge should represent a very good potential breakout trading opportunity, as it would mean that the wedge will have fulfilled its common role as a trend continuation pattern.

James Chen
Chief Technical Analyst, FX Solutions

Disclaimer: IMPORTANT NOTICE: These comments are for information purposes only. Past results are not necessarily indicative of future results. Trading Futures, Options on Futures, and Foreign Exchange involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. The information contained on this email does not constitute a solicitation to buy or sell by FX Solutions,LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. FX Solutions, LLC believes that customers should be aware of the risks associated with over-the-counter, spot Forex. Forex trading is highly speculative in nature which can mean currency prices may become extremely volatile. Forex trading is highly leveraged, since low margin deposits normally are required, an extremely high degree of leverage is obtainable in foreign exchange trading. A relatively small market movement will have a proportionately larger impact on the funds you have deposited. You may sustain a total loss of your funds. Since the possibility of losing your entire cash balance does exist, speculation in the Forex market should only be conducted with risk capital you can afford to lose which will not dramatically impact your lifestyle.

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In this PDF you will find the latest technical analysis published by Forex Trends

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