By: Dima Chernovolov

EUR/CAD continues to rise inside the daily Down Channel chart pattern which recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 7-bar level – which is the result of the sharp Initial Trend (10 bars), below-average Uniformity (4 bars) and significant Clarity (7 bars). EUR/CAD is expected to rise further inside this Down Channel – in line with the earlier upward reversal from the combined support zone shown below.

12012018dailyfximage1

As can be seen from the daily EUR/CAD chart below, the pair earlier reversed up with the daily Morning Star from the combined support zone located between the support level 1.4820, lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward price impulse from September. The proximity of this support area heightens the probability EUR/CAD will continue to rise inside this Down Channel.

12012018dailyfximage2

To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.

 

For further information on this and other Autochartist products visit www.autochartist.com

1 Likes
1112 Views

You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.

Sign-up





I accept the Privacy policy, Disclaimer and Conditions of this service

* = Required Field