EUR/CAD: buy targets - 1.5800 and 1.6000
By: Dmitriy Chernovolov
- EUR/CAD broke strong resistance zone
- Next buy targets - 1.5800 and 1.6000
EUR/CAD continues to rise strongly – following the earlier sharp breakout of the strong resistance zone lying between the resistance levels 1.5400 and 1.5540 (this resistance level earlier stopped with the daily Evening Star the sharp intermediate impulse wave (1) in last August, as you can see below). The breakout of this resistance zone is likely to strengthen the bullish pressure on this currency pair in the coming trading sessions.
EUR/CAD is likely to rise further in the active impulse waves 3 and (3) toward the next buy target at 1.5800 – the breakout of which can lead to further gains toward 1.6000.