EUR/CAD breaks major resistance 1.4170, jump till 1.4295 likely
Wednesday, December 28, 2016 7:05 AM UTC
- Major resistance – 1.4170
- Major support -1.4140 (trend line joining 1.38802 and 1.40705)
- EUR/CAD has broken major resistance of 1.4170 yesterday and jumped till 1.42177 at the time of writing. It is currently trading around 1.42144.
- Short term trend is slightly bullish as long as support 1.4140 holds.
- On the higher side, 76.4% fibo level is acting as near term resistance at 1.42275 (76.4% retracement of 1.43553 and 1.38197) and any violation above will take the pair to next level till 1.42980 (trend line joining 1.3936 and 1.43553).
- The major support is around 1.4140 and any break below will drag the pair down till 1.4070/1.4000.
It is good to buy on dips around 1.4205-1.4208 with SL around 1.4135 for the Tp of 1.4290/1.4350