The price is at a support level, if this level breaks, than i see the price move further to 1.52490 before further upside. if price manage to break the 1.52490 area, than the price could go further down to test the 1.49960 level. this will also be a trigger for a new analysis as the (4) wave will go below the ending of wave (1)
The price is also in a trend channel where the price have hit the resistance line 2 times and are about to complete the 3 time testing of support line in the trend channel. At the current price we also have a hidden bullish divergence (see the RSI) and could be signaling that the previous short term bearish trend, was a retracement for the bullish trend. At the same time we see some weakness in the bearish candles, and this area indicating a range area for investors to decide or await for a further signal of a continuing bullish trend in the pair. The price have intermediate and minor waves that is correlating with the fibonacci levels and price action, where the correctional waves have minute waves, that i haven't put in the daily chart because it would be looking messy...
The waves are highly matching Fibonacci levels, as you can see in the chart. The levels are in the text boxes.
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The fundamentals can drive the price of the CAD higher, where oil prices and further sanctions on Iran is expected and can give the CAD a boost. while bad numbers from CAD this week is expected, and can therefore drive the price of the EUR/CAD higher, and the sanctions and oil prices can be a help for the retracements throughout the price gains.
The price is also in a trend channel where the price have hit the resistance line 2 times and are about to complete the 3 time testing of support line in the trend channel. At the current price we also have a hidden bullish divergence (see the RSI) and could be signaling that the previous short term bearish trend, was a retracement for the bullish trend. At the same time we see some weakness in the bearish candles, and this area indicating a range area for investors to decide or await for a further signal of a continuing bullish trend in the pair. The price have intermediate and minor waves that is correlating with the fibonacci levels and price action, where the correctional waves have minute waves, that i haven't put in the daily chart because it would be looking messy...
The waves are highly matching Fibonacci levels, as you can see in the chart. The levels are in the text boxes.
__________
The fundamentals can drive the price of the CAD higher, where oil prices and further sanctions on Iran is expected and can give the CAD a boost. while bad numbers from CAD this week is expected, and can therefore drive the price of the EUR/CAD higher, and the sanctions and oil prices can be a help for the retracements throughout the price gains.