EUR/CAD 4H Chart: Two scenarios likely - Trade Pattern Ideas - Dukascopy Bank
Mon, 22 Oct 2018 06:33:10 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Buy
Sell
Sell
RSI (14)
Neutral
Neutral
Neutral
Stochastic (5; 3)
Neutral
Neutral
Neutral
Alligator (13; 8; 5)
Buy
Neutral
Sell
SAR (0.02; 0.2)
Buy
Buy
Sell
Aggregate
⇒
⇒
⇒
Upside risks have dominated the EUR/CAD currency pair since the rate pullback from the lower boundary of a two-week ascending channel at 1.4769.
The exchange rate is stranded between SMAs during the morning hours of Monday's session. The 200-hour simple moving average was providing resistance at 1.5088, while the 50– and 100-hour SMAs was providing support near 1,5921.
Everything being equal, it is likely that the two weeks ascending channel pattern could continue to guild the currency exchange rate higher towards a resistance cluster formed by the weekly and the monthly PPs at 1.5253.
On the other hand, if the resistance level formed by the 200-hour SMA holds, the price could make a brief retracement south towards the lower boundary of the channel.
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