Daily Forex Update: EUR/CAD
By: Dima Chernovolov
EUR/CAD continues to rise inside the 15-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (one bar), above-average Uniformity (6 bars) and maximum Clarity (10 bars). EUR/CAD expected to rise further inside this Up Channel – in line with the earlier breakout of the resistance zone shown below.
As can be seen from the daily EUR/CAD chart below, the price earlier broke through the resistance zone lying between the resistance level 1.5900 and the upper resistance trendline of the sharp daily up channel from January. This price zone is acting as support area after it was broken. The proximity of this support area increases the probability EUR/CAD will continue to rise inside this Up Channel.
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