Hold up, EUR/CAD! It looks like the pair is currently encountering major resistance, suggesting that the pair could sell-off soon. This is also supported by the Stochastic, as it shows that conditions are oversold. If the bears start putting pressure on the pair again, we could see price fall back down to the rising trend line support, somewhere around the 1.3600 major psychological area.
Fibonacci traders, assemble. For those who missed the upside break of the descending triangle chart pattern, you might have an opportunity to enter soon as price is showing signs of pulling back. Price, after all, is moving lower and the Stochastic is also pointing down. If you’re looking to go long on the pair, the area between the 38.2% and 61.8% Fibonacci retracement levels might be a good area to jump in.
Will 128.00 break or hold? With EUR/JPY testing the level, that’s the question on everyone’s mind right now. Resistance at 128.00, as you can see, is pretty significant as price bounced from it three times in the past. If resistance breaks, we could see EUR/JPY head to the former swing high at 129.00. On the other hand, if resistance remains intact, price could fall back down to support at 125.00.
To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.
Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.