EUR/CAD Potential Upward Movement

EUR/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.4759, 1.4815, 1.4850

Key Support Levels: 1.4664, 1.4645, 1.4583

Daily Chart:

The price on the higher time frame is bouncing between to strong key levels which are the daily support and resistance with the following prices respectively (1.4664 – 1.4759 USD). The market posted an engulfing bullish pattern near the strong support which could lead to a move upward.

EUR/CAD Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame the price succeeded to post a double bottom which shows that a potential reversal might occurs. The price broke the neckline of this pattern to the upside. A lower correction might be seen to the highlighted zone before a rally to the target profit.

Signal Idea:

Buy Limit Order @ 110.64

TP 1 @ 110.87

TP 2 @ 110.96                

Stop Loss @ 110.56

Trade Safely 🙂