EUR/CAD 4H Chart: Junior channel likely to hold - Trade Pattern Ideas - Dukascopy Bank
Wed, 26 Dec 2018 07:02:49 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Buy
Buy
Sell
RSI (14)
Sell
Sell
Neutral
Stochastic (5; 3)
Neutral
Neutral
Neutral
Alligator (13; 8; 5)
Buy
Buy
Neutral
SAR (0.02; 0.2)
Buy
Buy
Buy
Aggregate
⇒
⇒
⇘
The EUR/CAD currency pair has been moving in a junior ascending channel since the beginning of December after the rate reversed from the bottom border of a medium-term ascending channel pattern at 1.4965.
The exchange rate was trading near the upper boundary of the junior ascending channel pattern at 1.5519 during the morning hours of Wednesday's trading session.
If the currency exchange rate breaks the junior channel, the next target for bullish traders will be at a swing high of 1.5600.
Moreover, if a resistance level at 1.5519 holds, the price will make a brief pullback towards a support cluster formed by the weekly and the monthly PPs at 1.5374.
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