EUR/CAD 4H Chart: Tests monthly R1 at 1.5317 - Trade Pattern Ideas - Dukascopy Bank
Thu, 27 Sep 2018 06:17:37 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Buy
Buy
Sell
RSI (14)
Sell
Neutral
Neutral
Stochastic (5; 3)
Neutral
Sell
Neutral
Alligator (13; 8; 5)
Buy
Buy
Sell
SAR (0.02; 0.2)
Buy
Buy
Sell
Aggregate
⇒
⇒
⇒
A seven-week ascending channel pattern has guided the Eurozone single currency against the Canadian Dollar. The pair bounced off the lower boundary of the channel on August 16 and had since reached two months high level at 1.5317.
The exchange rate is trading near a resistance line formed by the monthly pivot point at 1.5317 during the morning hours of Thursday's trading session. From a technical point of view, this resistance level could provide significant resistance for the price to reverse south and target a support level formed by the 100-hour SMA at 1.5214.
However, if this resistance is unable to hold, the currency exchange rate could target the upper boundary of the seven weeks ascending channel at 1.5473 during the following trading sessions.
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