By: Dima Chernovolov
EUR/CAD continues to rise inside the clear 4-hour Rising Wedge chart pattern which was recently identified by Autochartist. Autochartist measures the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (1 bar), below-average Uniformity (4 bars) and strong Clarity (9 bars). EUR/CAD is expected to rise further inside this chart pattern – in line with the earlier breakout of the resistance area shown below.
As can be seen from the weekly EUR/CAD chart below, the price earlier broke through the resistance area lying between the round resistance level 1.5000 and the resistance trendline from June. This price area is acting as support zone after it was broken. The proximity of this support area increases the probability EUR/CAD will continue to rise inside this Rising Wedge.
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