Overview:
A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15.
The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls overcame this level three weeks ago.
However, bearish persistence below 1.3270 (Fibonacci Expansion 100%) and 1.3075 (significant Support) is needed to maintain enough bearish pressure to expose the next support levels around 1.2910, and 1.2750 where long-term buy entries should be considered.
The level of 1.3075 constitutes the recent resistance level to be watched for intraday sell entries.
Trading recommendations:
Conservative traders should wait for more bearish pullbacks towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level acts as a strong support level.
S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via USD/CAD intraday technical levels and trading recommendations for October 9, 2015 . Thanks for your support.
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