(1) is a relatively long channel down pattern in the EUR/CAD 60 minute time frame containing 179 candles. It began two Fridays ago at 1.4616 support (W) and has since progressed in the direction of the 1.4316 resistance level (V) as can be seen to the right of the pattern. To help calculate where the price could go from here in the near future we are taking some pointers from the prediction areas in (2) and (3).
(2) shows price movement nosediving towards the prediction area (X) between 1.4380 and 1.4390 after breaking through the 1.4450 support level (Y) last week. Interesting is that earlier this morning it again returned to this same level almost a whole week later.
After having reached (D) price displayed in (3) advanced to the 0.618 and 0.382 targets between 1.4281 and 1.4298 and consolidated in this area. It remains to be seen how much higher it may still move along the target levels.
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