© Dukascopy Bank SA
Supports: 1.2281; 1.2194; 1.2106
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.