Technical analysis of EUR/CAD for November 17, 2016

By | November 17, 2016

EUR/CAD is still trending downwards after breaking the support at
1.4600 area and remains below both 50 and 200 Moving Averages. The corrective wave applied after breakout of the support occurs shows that pair broke below
the 261.8% Fibs support which opens doors for another potential wave down.

Consider selling EUR/CAD at the current rate (1.4390)
targeting 361.8% Fibs (1.4278). The suggested stop loss should be above the 50
Moving Average.

Support: 1.4373, 1.4278

Resistance: 1.4467

eurcad_insta.png

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex

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