EUR/CAD 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been in a clear down-trend since the end of the first quarter. But from a long-term perspective this sell-off turns out to be a bearish correction following a major bullish wave that started at 1.1230 in the second half of 2012. Nevertheless, as long as the common currency trades below 1.44 (monthly PP, Sep high and seven-month down-trend), the outlook will remain bearish. However, once the price approaches the 50% Fibo at 1.3858, there will be a high probability of a birth of a rally with the potential to surpass the 2014 high at 1.56—something that is also implied by the technical indicators on a monthly time-frame.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.