| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Sell | Sell | Buy |
| RSI (14) | Neutral | Buy | Neutral |
| Stochastic (5; 3) | Neutral | Neutral | Buy |
| Alligator (13; 8; 5) | Sell | Sell | Buy |
| SAR (0.02; 0.2) | Sell | Sell | Sell |
| Aggregate | ⇘ | ⇒ | ⇑ |
The common European currency has been losing strength in a descending channel against the Canadian Dollar during the past three-month. This is considered to be a retracement from the upper boundary of a senior channel.
Taking into account the technical indicators, it seems that the Euro might decline this week and even beyond in line with the patterns.
The nearest downside target is the bottom boundary of the senior pattern at 1.51 a level that coincides with a support cluster set by the combination of the weekly and the monthly PPs. This could result in some corrective movement north. Traders should look for the opportunity to trade if the aforementioned situation occurs.