Trend reversal is expected
EUR has been losing power against CAD in the past several days. On the price chart, after a sharp dump in EUR/CAD price chart, the price is now on a very strong support level. Different indicators are showing trend reversal signal. A strong bullish wave is expected in the next few days.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is weekly.
The price is right now on 0.5 level of the Fibonacci retracement, 1.442. This level has pumped the price multiple times in the past. Daily RSI is on 23, and weekly RSI is close to 30 and is also showing a positive inversion. The current support is expected to keep the price above 1.44, but in case the price breaks below this level, the next strong support lays at 1.425 . On the other hand, if the current support can push the price up once more, the first target of the ascending wave would be 1.485. and the next target can be 1.51. At any moment, breaking below 1.4 would be followed by a very strong descend.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.