EUR/CAD 4H Chart: Set for breakout - Trade Pattern Ideas - Dukascopy Bank
Mon, 08 Apr 2019 05:18:49 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Buy
Sell
Sell
SAR(0.02;0.2)
Sell
Buy
Sell
Aggregate
⇒
⇒
⇘
Downside momentum has continued to dominate the EUR/CAD currency pair since the rate hit a psychological price level of 1.5200 on March 25.
The exchange rate is trading near the upper boundary of a junior descending channel pattern at 1.5023 during the first half of Monday's trading session and could be set for a breakout.
If this breakout occurs, the common European currency could aim for a swing high of 1.5210 in the short-term.
However, if the currency exchange rate fails to break the junior descending channel, bearish traders could push the pair towards a support line at 1.4928 within this week's trading sessions.
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