EUR/CAD 4H Chart: Two scenarios likely - Trade Pattern Ideas - Dukascopy Bank
Mon, 27 May 2019 05:32:29 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
Sell
Neutral
Alligator(13;8;5)
Buy
Neutral
Sell
SAR(0.02;0.2)
Buy
Buy
Buy
Aggregate
⇗
⇒
⇒
The common European currency has been depreciating against the Canadian Dollar since the middle of May when the currency pair reversed from the monthly resistance level at 1.5144.
As apparent on the chart, the exchange rate is trading above a support cluster formed by the 50.00% Fibonacci retracement level and the combination of the 100– and 200-hour SMAs at 1.5054. From a theoretical perspective, the EUR/CAD currency pair should continue moving north in the short-term.
However, it is important to note, that the currency exchange rate is guided by a medium-term descending channel. Thus, if the given channel pattern holds, the pair will continue its southern movement in the nearest future.
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