EUR/CAD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has been narrowing its trading range by 60 pips in 100 bar period since the beginning on April. Short term technicals suggest that the pair might remain in the vicinity of the 200-bar SMA. Medium term technicals, however, suggest that overall bullishness and movement towards the pattern's resistance (after the bounce from the pattern's support) should persist. Except for the 20-day SMA, there are no other major support or resistance levels, thus if the pair won't consolidate below it, the scenario suggested by the technical indicators seems to be very likely.

© Dukascopy Bank SA
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Tue, 23 Jul 2013 13:20:09 GMT

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