EUR/CAD 1H Chart: Broadening Descending Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is in a broadening descending wedge pattern against the Canadian Dollar. The currency exchange rate confirmed the patterns upper trend line for the third time on June 19, and at the moment it is fluctuating at the 1.4365 level. Although, the pair has tried to move lower, it is struggling with the support provided by the 55 and 100-hour SMAs respectively at 1.4352 and 1.4349. The rate might once again touch the resistance cluster put up by the trend line at 1.4385, weekly PP at 1.4381 and 200-our SMA at 1.4394. Such move is also confirmed by the aggregate technical indicators, which forecast a surge in the next four hours and no changes in a daily timeframe.
© Dukascopy Bank SA
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