EUR Trading Outlook (17-09-2015)

Medium Term Strategy: Forex Pair of the day
EUR/CAD – previous high in sight
The pair is supported by both a rising trend line in place since April and its ascending 50-day moving average. In addition, the upside breakout of the 1.457 former resistance is a positive signal calling for further advance. Furthermore, the RSI is above a strong support area at 48. As a consequence, above 1.457, another test of the previous high at 1.56 is expected, with an intermediary resistance standing at 1.542. Only a break below 1.457 would tarnish the bullish outlook and favour a correction towards 1.43 and even 1.4, respectively 50ù and 61.8% retracement of the April to August up move.
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