Following a long bearish streak versus the CAD over the past few days, the EUR seems to be headed for a bullish correction. Forex traders are advised to take advantage of this knowledge by going long on EUR/CAD now.
Below is the 8hour chart of EUR/CAD. The technical indicators are the RSI, Slow Stochastic and Williams Percent Range.
- A breach of the lower Bollinger Band is evident on the chart (1), indicating an imminent upward correction may be expected.
- A bullish cross is evident on the Slow Stochastic (2), signaling the next move may be an upward correction.
- The RSI (3) signals that the price of this pair is currently heading into the oversold territory, suggesting upward pressure.
- Williams Percent Range (4) further supports the upward direction.
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Natalie R. is a Market Strategist with ForexYard. Her combination of political and economic analysis into daily fundamental analysis gives her writings a unique perspective for forex traders. She has helped ForexYard generate more efficient and versatile market analysis which she translates into outstanding customer support and trading advice. Her writings have been published on the ForexYard Trading Blog and affiliate websites. Natalie R. holds degrees in Economics and Political Science from Brandeis University.
