The Trend of the Day - EUR/CAD

Euro is down but not out against the Canadian Dollar

Euro has been staging a come back versus the majors. A bullish Harami pattern appears to be forming on the daily chart at a 50% Fibonacci support level formed from the 1.5342 June 1st low to the 1.6326 June 30th high. Look for a retest of the 1.6200 area. Stops could be place below this Fibonacci support zone and a 1:2 risk to reward objective can be set.