Outlook Yesterday's bullish correction has
ended, and now EUR/CAD currency pair may continue its downward trend, which was
started about a month ago. At the moment, EUR/CAD decline might find support at
a lower Bollinger land at 1.2281, however, if it is broken, then next support
at 1.2194 (Weekly S2) is very likely to create a bullish reaction. In addition,
RSI indicator went out of the over-sold area and now shows neutral signal. Nearest
resistances are at 1.2380, 1.2443 and 1.2498 and there are currently no signs
of them to be breached.
Traders' sentiment Despite movement within a bearish channel, traders
at SWFX market remain optimistic about EUR/CAD currency pair, since 71% of all
traders hold long positions, expecting that a trend reversal will soon take
place. The situation with orders is rather similar, as 69% of traders ordered
to buy and only 31% of traders ordered to sell EUR/CAD.
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