EUR/CAD 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A huge 427-bar long rising wedge was formed by EUR/CAD, and the pattern has 58% quality and 100% magnitude, suggesting the returns can be significant. Based on tools of technical analysis it's very difficult to predict pair's future movement, as aggregate technical indicators are "neutral", while market sentiment is not clearly marked. The only reason why this pattern can be attractive, is that price is approaching the support line, suggesting two possible scenarios– the downside breakout, and a pullback from this level. Anyway, a movement in any direction will be a strong bearish or bullish signal respectively.
© Dukascopy Bank SA
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Thu, 25 Jul 2013 13:05:58 GMT

USD/CAD 1H Chart: Channel Down

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Thu, 25 Jul 2013 07:10:05 GMT

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