Indicator | 4H | 1D | 1W |
MACD (12; 26; 9) | Buy | Sell | Buy |
RSI (14) | Neutral | Neutral | Neutral |
Stochastic (5; 3) | Sell | Sell | Sell |
Alligator (13; 8; 5) | Buy | Sell | Buy |
SAR (0.02; 0.2) | Buy | Sell | Buy |
Aggregate | ⇒ | ⇘ | ⇒ |
The common European currency is trading against the Canadian Dollar in a rectangle pattern. Formation of this figure began after the currency pair broke the bottom boundary of a preceding descending channel and fell by 1.66%. As a continuation pattern, the pair is expected to break out downwards and slip by 158 basis points. On the other hand, the pair is squeezed between the weekly R1 at 1.4926, the monthly S1 at 1.4933 and the 50% Fibonacci retracement level at 1.4955 from the top and the monthly S2 at 1.4686 with the 38.20% retracement level at 1.4683 from the bottom. Such boundaries, firstly, might prolong an existence of the rectangle and, secondly, might limit the fall of the pair after the breakout has occurred. Therefore, it would be better to watch this pair longer.