Can the bulls lead the EURCAD further at 1.4951?
The bullish pressures got really tensed since the 31st of October 2016 as the EURCAD pair was able to rise from 1.4637 to 1.4830.
The buyers took the absolute control of the pair after the latest uptrend formation that boosted the price to rise from 1.4450 to as low as 1.4637.
Probable Scenario
Following today’s stabilization close to the 1.4951 level, the buyers could likely exert a further bullish momentum to lead the pair even higher.
Stochastic oscillators’ stable formation at the 50 level is good indication that the bullish momentum may have greater chances to re-occur.
In the scenario where the price appreciates, the buyers could set their take profit target at 1.5144.
Alternative Scenario
In contrast, a bearish break-out at the 1.4830 zone could signal that the sellers may exert greater pressures to force the pair to lower zones such as the 1.4637 level.
Today’s Major Announcements
- Italy’s Unemployment (Sep), the euro zone’s Economic Bulletin and the Unemployment Rate (Sep) releases are expected to have a medium impact on the euro
- There are no any releases on the Canadian dollar
Synopsis
· Probable trend (Bullish): 1.4951
· Bullish take profit target: 1.5144
· Stop loss target: 1.4830
· Alternative trend (Bearish): 1.4830
· Bearish take profit target: 1.4637
Elias Kazamias
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