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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