Prior State: Since February 2017 the Euro has been steadily climbing against the Canadian Dollar.
Current State: Price retraced approximately 50% of the rise from 2/27/17 to 3/12/18 (1.3827 to 1.6089 at 50% is 1.4996) The rally above 1.5475 confirmed a resumption of the rally.
Future Forecast: Today's massive selloff is bringing the price near the targeted support resistance level placing the breakout at risk. The forecast is still for higher EUR/CAD, but the price will need to stay above 1.51 for that forecast to remain intact.
Current State: Price retraced approximately 50% of the rise from 2/27/17 to 3/12/18 (1.3827 to 1.6089 at 50% is 1.4996) The rally above 1.5475 confirmed a resumption of the rally.
Future Forecast: Today's massive selloff is bringing the price near the targeted support resistance level placing the breakout at risk. The forecast is still for higher EUR/CAD, but the price will need to stay above 1.51 for that forecast to remain intact.