EUR/CAD – Approaching Resistance

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Updated: 04 May 2020

Good day traders! Since my last update on the 17th or April, EUR/CAD tested the 50% Fib retracement level again but could not stay below it. Price has since late April traded sharply higher but is currently approaching a strong resistance zone that lies between 1.5522 -1.5633.

EUR/CAD already touched that zone once but fell short of the upper median line of my blue pitchfork. This upward move might be corrective, and should price find resistance in that zone and reverse lower again, then we could see another drop towards the 50% Fib retracement level again at 1.5127 or even lower towards 1.4923.

Should price, however, continue trading higher, then a break of the 0.786 Fib retracement level will suggest that price might break above the March high.

More updates to follow.

Bias: Bearish

Potential Resistance: 1.5522 – 1.5633

Potential targets: 1.5127 and 1.4923

Until next time, have a great day and stay safe!

Richard Krugel