EUR/CAD 4H Chart: Guided by junior descending channel - Trade Pattern Ideas - Dukascopy Bank
Mon, 25 Feb 2019 07:21:09 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Buy
Neutral
Stochastic(5;3;3)
Buy
Neutral
Buy
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇘
⇘
The common European currency has continued its decline in a descending channel pattern against the Canadian Dollar. The currency pair depreciated about 1.02% in values during the last week.
Given that the 50-, 100– and 200-hour simple moving averages are located above the price level, it is likely that the decline could continue during this week's trading session. The potential downside target will be near a support cluster formed by the combination of the weekly and the monthly PPs at 1.4816.
On the other hand, the currency exchange rate could reverse from the current price level at 1.4904 and aim for the 200-hour SMA at 1.5074 during the following trading sessions.
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