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The uptrend, which started three days ago, has successfully managed to advance even further, as today the EUR/AD currency couple experienced another movement upwards, which has already managed to breach the monthly PP at 1.2840, and at the particular moment the price is gradually approaching the weekly R1 at 1.2943, which might slow down the uptrend, however, in case it is broken, then the currency pair is likely to advance until the upper Bollinger band at 1.2988, which in turn will probably stop the current movement upwards. Nevertheless, the overall indicator outlook is neutral, and it is expected to stay unchanged in the nearest future.
Traders' sentiment
Traders at SWFX market are quite pessimistic regarding the EUR/CAD currency pair, since 28% of traders hold bearish positions and 72% of traders hold bullish positions. The situation with orders as well shows strong downtrend expectations, as 23% of traders ordered to buy and 77% ordered to sell the Euro.
© Dukascopy Bank SA