By: Dima Chernovolov
EUR/CAD recently broke the key resistance level 1.4377 which was previously identified by Autochartist on the 15-minute charts. Autochartist rates the Significance of this resistance level at the 7-bar level – which is the result of the seven previous price reversals from this price level. EUR/CAD is expected to continue to rise toward the forecast price 1.4436.
As can be seen from the weekly EUR/CAD chart below – the price earlier reversed up from the major support zone located between the long-term support level 1.43 (which started the sharp uptrend at the start of 2020) and the lower weekly Bollinger band. The proximity of this support zone and oversold weekly Stochastic increase the probability EUR/CAD will continue to rise toward the forecast price 1.4436.