EURCAD Could Go South

25 de set. de 2015

On the EURCAD 4h chart, correction seems to be over, because of a sharp fall from recent high - 1.5115 level. That said if price continues to go lower, beneath the support at 1.4724 level, trend will confirm a bearish reversal and price could reach lower levels. That is also were downward channel would be taken out. At that region upward channel will also be broken and that will be just another important evidence for more weakness ahead. We will be looking towards 1.4393 level.