EURCAD. Trend is downwards on the daily chart. Pair continues falling after short-term consolidation. Region of accumulations of three basic reactions (1.3285-1.6322, 1.4169-1.6322, 1.4406-1.6322) is 1.5140-1.5250. There are 38.2%, 50%, 61.8% Fibonacci corrections. This zone is strong support. Look to get long in the 1.5140-1.5250 zone, eliminate the transaction if the pair will close a day below 1.5100.

 
EURGBP. Pair is in the consolidation zone on the daily chart. If consolidation will continues long period, then the breakthrough will be greater. Look to get long after breakthrough of the 0.8010 level. Look to get short after breakthrough of the 0.7860 level. Eliminate the transactions if the pair will return in the consolidation zone after breakthrough. .


EURCHF. Pair is consolidating in the 1.6039-1.6337 range on the daily chart. Rectangle is forming on the chart as a result of the consolidation. You can use one of the two strategies. You can open transactions against borders of the rectangle (buy-limit or sell-limit orders). Eliminate the transaction if the pair will close a day outside of the rectangle. Or you can try to put buy-stop (above upper border of the rectangle) and sell-stop orders (just below of the lower border of the rectangle). In this case eliminate the transactions if the pair will return in the rectangle after breakthrough.


EURJPY. Trend is downwards on the daily chart. Look to get long if the pair will close a day above the short-term maximum 162.81. Put stop-loss below of the short-term minimum.


Elena Chernaya, Chief Currency Strategist
ELAN Investment Solutions

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