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EURCAD Latest Recovery Has To Clear Horizontal-Line To Rise Furthe

Dec 7 2017, 03:47 PM (+06) |

Even after bouncing off more than three-month old ascending trend-line, the EURCAD's further upside isn't sure as the 1.5120-30 horizontal-line is still left untouched. If the pair manages to surpass the 1.5130 on a daily closing basis, it can aim for 1.5155 and then the 1.5200 round-figure prior to looking at the 1.5230-35 resistance-region. Moreover, pair's sustained trading beyond 1.5235 enables it to challenge the November highs around 1.5375, which if broken could push Bulls to target 61.8% FE level of 1.5500.

On the contrary, pair's inability to clear the resistance-line can fetch it to 1.5070 and then to the 1.5030 ahead of flashing the 1.5000 mark on the chart. During the pair's additional downside beneath 1.5000, aforementioned TL, at 1.4920, which is adjacent to 50-day SMA level of 1.4900, may challenge the sellers. Also, if at all the 1.4900 is broken, the 1.4810 & 1.4755 are likely supports to gain Bears' attention.

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