© Dukascopy Bank SA
During last several hours, the Euro/Loonie currency pair has been trading sideways inside the bearish channel pattern. The pair recently bounced from the upper boundary, and its general trend supposed to be negative for the time being. We assume the single currency to resume depreciating after a short pause, as technical indicators on a short-term time-frame are pointing to the south. Moreover, they are also supported by daily studies. Market participants are holding short positions in more than 51% of all cases, meaning that bearish scenario is almost inevitable. As the first major support level to cross, the Euro will face the daily S1 together with major level, located at 1.4107/00.
© Dukascopy Bank SA