Will the EURCAD break below the 1.4183 zone?
The EURCAD stabilized close to the 1.4183 zone, Fibonacci’s 100.0%, where the sellers will likely place more pressures to take control of the price.
The price, since the 28th of November 2016, has been oscillating within a downside formation between the range of 1.4388 and 1.4183 respectively.
Probable Scenario
The latest formation and stabilization close to the 1.4183 level is a good indication that the sellers may take control over the pair in today’s trading session.
In the event where the pair drops and the sellers take over, the price could decline to 1.4055 Fibonacci’s 161.8%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 80 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.4264 area, the price could rise to 1.4388 Fibonacci’s 0.0%.
Today’s Major Announcements
- The Harmonized Index of Consumer Prices (YoY) (Nov), the CPI (MoM) (Nov), the CPI (YoY) (Nov), and the Harmonized Index of Consumer Prices (MoM) (Nov) releases are expected to have a medium impact on the euro
- There are no any releases on the Canadian dollar
Synopsis
· Probable trend (Bearish): 1.4183
· Bearish take profit target: 1.4055
· Stop loss target: 1.4264
· Alternative trend (Bullish): 1.4264
· Bullish take profit target: 1.4388
