GrowBinary - Market Analysis and News - 28th Aug 2015
By GrowBinary Research & Analysis Team
EUR/CAD bouncing from support on month end flows
Today is the last Friday of the month and day before month end. We expect some appreciation of safe currencies versus commodity currencies on new fears about condition of the Chinese economy.
EUR/CAD currency pair is currently bouncing from support level 1.4800 where 61.8% Fibonacci retracement is present. Direction indicator points to downward direction with significant resistance level at 1.4930 next to 50% Fibonacci retracement.
Though we expect month end flows to drive EUR/CAD higher towards 1.5100, we suggest to wait with CALL options for confirmation in shape of 1.4930 break.
Below 1.4800 short term PUT options should be good way to profit from move towards 1.4700 and 1.4650
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Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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