By: Dima Chernovolov
EUR/CAD continues to fall after the recent breakout of the daily Triangle which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 8-bar level – which is the result of the sharp Initial Trend (10 bars), significant Uniformity and Clarity (both rated at the 7 bar level) EUR/CAD is expected to fall toward the forecast price 1.5019.
As can be seen from the daily EUR/CAD chart below, the breakout of this Triangle coincided with the breakout of the support area lying between the key support level 1.5320 (which has been reversing the price from the start of July) and support trendline from June. This price zone is acting as resistance zone after it was broken. The proximity of this resistance area increases the probability EUR/CAD will continue to fall toward the forecast price 1.5019.
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