
We have outlooked several promising Forex pairs and the result can surprise you!
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After opening the week with a gap up, EUR/CAD formed two inside bars on the D1. This is the sign that the advance has run out of steam. The pair is awaiting the actions and comments of the European Central Bank. The ECB will announce its policy changes at 14:45 MT time and hold a press conference at 15:30 MT time. Market players expect the regulator to announce monetary stimulus following the path of other key central banks.
Notice that support for EUR/CAD lies at 1.5445 (23.6% Fibo of the February-March advance). The next level on the downside will be at 1.5400. The decline below this point will open the way down to 1.5245 (top of the gap; 38.2% Fibo). Given the overbought condition of the pair, we recommend considering bullish trades only above 1.5650 targeting the previous high in the 1.5800 area.
SELL 1.5440; TP1 1.5400; TP2 1.5250; SL 1.5455
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The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
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