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Tracking the EUR/CAD pair

Published 01/09/2012, 04:36 AM
Updated 07/09/2023, 06:31 AM
EUR/CAD
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Date: 08.01.2012   Time: 16:00   Rate: 1.3064

Weekly Chart


Since the price has reached the 1.4340 peak level for the fourth time, the price is descending in a decisive way while the trend line that is connecting the lows (blue broken line) has broken and it looks like the price is headed down towards the last low at the 1.2500 price level.

Now the price is reaching the 1.3060 support level and it is possible to have a stoppage in the area, then it will check the trend line from the downside and it is possible to perform a correction in size of between a third and two thirds of the last move downwards (black broken line), meaning between the 1.3400 and the 1.3660 price levels. a break of the 1.3000 price level in a proven way is probable to continue the move downwards to the 1.2500 price level.

You can see the chart below:

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