Daily Forex Update: EUR/CAD
AutoChartist | Apr 15, 2014 03:33AM ET
Autochartist recently identified the Flag chart pattern on the 30-minute EUR/CAD charts – as you can see from the following trade opportunity alert for this currency pair. The price is expected to break this Flag and to rise to the target level 1.5222 (point B) in the next 21 hours. Autochartist set the stop-level for this forecast at 1.5158 (point A). This forecast is aligned with the predominant uptrend visible on the daily EUR/CAD charts. It also follows the earlier upward impulse (which is the “flagpole” of this Flag) from the support area set between the round support level 1.5000 and 50% Fibonacci Correction of the daily impulse from January.
The following daily EUR/CAD chart shows the aforementioned support levels:
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