EUR/CAD 4H Chart: Decline likely to continue - Trade Pattern Ideas - Dukascopy Bank
Mon, 28 Jan 2019 10:12:24 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Sell
Sell
Buy
RSI (14)
Neutral
Neutral
Neutral
Stochastic (5; 3)
Neutral
Buy
Buy
Alligator (13; 8; 5)
Sell
Sell
Buy
SAR (0.02; 0.2)
Sell
Sell
Sell
Aggregate
⇒
⇒
⇗
The common European currency has been trading in a junior descending channel pattern against the Canadian Dollar. The currency pair re-tested the upper boundary of the channel pattern at 1.5183 on January 24.
Everything being equal, it is likely that the junior descending channel could guide the exchange rate towards a swing low of 1.4900 during the following trading session.
Although, a support level formed by a traditional weekly pivot point near the 1.4968 area could hinder such movement in the short-term.
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