18.05.201504:21 Forex Analysis & Reviews: Technical analysis od EUR/CAD for May 18, 2015

Long-term review

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The cross changed its direction from 1.3428 and probably made a double bottom. At Friday's session, the cross managed to breach the previous supply zone around 1.3765 but it was unable to close above that zone. The cross managed to close above 100Dema facing strong resistance at 100Dsma 1.3780. Today, the cross opened on a bullish note. The cross is trading on the verge of break (1.4020 initially). We initiated buying between 1.3450 and 1.3400 with sl 1.3385 dated May 13, 2015. In case the price closes above 1.3780, bulls will aim at 1.4000. Support is found at 1.3725 100Dema, 1.3650 61.8 FE, and 1.3484 50Dsma. Today, we expect the cross to touch 1.3800. Intraday support is found at 1.3690.

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