EUR/CAD: buy target - 1.5400
By: Dmitriy Chernovolov
- EUR/CAD reversed from support zone
- Next buy target - 1.5400
EUR/CAD continues to rise inside the minor impulse wave (iii) – which started earlier this month – when the pair reversed up from the support zone lying between the major round support level 1.5000 and the 38.2% Fibonacci Correction of the previous sharp upward impulse from the start of this month. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Piercing Line – completing the previous correction (ii).
EUR/CAD is likely to rise further toward the next buy target at the resistance level 1.5400 (which reversed the price with the daily Evening Star in August).