EUR/CAD 4H Chart: Decline continues

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Sell Sell Sell
 RSI(14) Neutral Neutral Neutral
 Stochastic(5;3;3) Neutral Neutral Buy
 Alligator(13;8;5) Sell Sell Sell
 SAR(0.02;0.2) Sell Buy Sell
 Aggregate

During the last week, the single European currency has depreciated about 0.92% against the Canadian Dollar. This decline was stopped by the bottom border of a dominant ascending channel at 1.4916.

Everything being equal, it is likely that the currency exchange rate continues its decline in a junior descending channel pattern during the following trading sessions. The potential downside target will be near a support cluster formed by the weekly and the monthly PPs at 1.4832.

However, it is important to note that the weekly S1 at 1.4896 could provide support for the EUR/CAD pair in the short-term.

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