Friday, November 24, 2017

EUR/CAD May Possibly Rise to 1.70+

The end of the month is near and it is a good idea to watch the EUR/CAD pair, because based on how the pair is developing on the smaller time frames on the monthly one could form a pin bar.

On the W1, D1 and even H4 time frame the pair has signals for a move to the upside.

On the D1 time frame the next target of the rally should be around 1.5250 - 1.5270. If the pair breaks out above that resistance level I think we could expect for the rally to continue in the long term to the upper part of the trend channel around 1.70+.

In the alternative scenario there will be a drop to the support trend line of the channel around 1.4500, but this scenario appears less probable.