Current price: 1.4647
Key point: 1.4740
Our preferred direction: sell positions below 1.4740 levels, targeting 1.4550 as the first target, then 1.4500 as the second target.
Alternative scenario: Stop loss and change direction by breaking 1.4740, targeting 1.4800.
Technical commentary
The EUR/CAD pair is moving in an upward direction on the daily frame from the bottom of last September until it reached the pivotal resistance levels 1.4800-1.4740, and with the presence of the BAT harmonic pattern with the 88% Fibonacci retracement of the XA leg and with the upper border of the ascending price channel, the price is expected to fall to the 1.4550 levels. -1.4500
