We can expect a potential bullish movement here for EURCAD. Due to the news EUR was very volatile this morning, as NY opens it seems to have stabilised. We can see a potential reversal from a previous area of resistance
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This pair is currently testing its long term support line, which has held for nearly two years. Following a touch of the lower Bollinger band, and a recent MACD crossover, this hints at a reversal in price action to the upside may be to come.
While the price is above the support 1.4750, beginning of uptrend is expected.
We make sure when the resistance at 1.5115 breaks.
If the support at 1.4750 is broken, the short-term forecast -beginning of uptrend- will be invalid.
The RSI bounced from the resistance #1 at 48 and it prevented price from more gains.
A peak is...
this time we're going with the trend and we're not anticipating any kind of reversal. Instead, since we saw a recent break and close above the Previous Resistance Level (pointed out in the chart) we're now looking to ride the trend untill we get to the next reversal point that will come all the way up to 1,5780. So i went on lower timeframes such as the...
Almost from the beginning of June EURCAD moves south. As a result of these declines market broke local -1.75% support at 1.4985 and reached lower limit of a long-term consolidation where yesterday first demand response occurred.
Rejection of currently tested support could open the way to growth which would lead to a re-test of the previously broken support (now...
With the DTF TDI signalling SELL and the H4 TDI signalling BUY its unclear which way this pair are headed. EURCAD is in a down trend as long as we remain below the 200 sma on H4 and DTF so the BULLS will need to take the price above 1.4279 to change the BEARISH picture.
Price may head north initially but as long as we remain under 1.42 any pullbacks should be sold