EUR/CAD 4H Chart: Bears likely to prevail

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)NeutralSellSell
SAR(0.02;0.2)SellBuySell
Aggregate⇒⇒⇘

[ANNOUNCE]The single European currency has appreciated about 1.73% in value against the Canadian Dollar since September 11. The surge was stopped by a resistance level formed by the 200-hour simple moving average at 1.4699 during Friday's trading session.[/ANNOUNCE]

The EUR/CAD exchange rate is currently testing a support cluster set by the combination of the 50– and 100– period SMAs at 1.4610.

If the support cluster holds, a breakout through the upper boundary of a descending channel pattern at 1.4699 could occur within this week's sessions.

However, if the currency exchange rate breaks the 50– and 100– period SMAs, a decline towards a support cluster formed by the monthly S1 and the weekly S2 at 1.4481 could be expected during the following trading sessions.

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