EUR/CAD 4H Chart: Decline likely to continue - Trade Pattern Ideas - Dukascopy Bank
Tue, 08 Jan 2019 07:19:37 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Sell
Buy
Buy
RSI (14)
Buy
Neutral
Neutral
Stochastic (5; 3)
Neutral
Buy
Neutral
Alligator (13; 8; 5)
Sell
Neutral
Buy
SAR (0.02; 0.2)
Sell
Sell
Buy
Aggregate
⇒
⇗
⇒
Bearish sentiment has pressured the single European currency against the Canadian Dollar since the beginning of January. The exchange rate has depreciated about 2.97% since January 1.
A breakout occurred through the lower boundary of an ascending channel pattern at 1.5245 during the early hours of today's session.
Given that a breakout had occurred, it is likely that the currency pair will continue its decline and potentially targeting the bottom border of a medium-term ascending channel pattern at 1.5110.
However, a support level formed by the monthly pivot point at 1.5158 could hinder such movement today.
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