EUR/CAD 4H Chart: Trades in horizontal channel - Trade Pattern Ideas - Dukascopy Bank

Mon, 05 Aug 2019 08:12:44 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralBuy
Stochastic(5;3;3)NeutralNeutralBuy
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)BuyBuySell
Aggregate

The single European currency has been trading in a horizontal channel against the Canadian Dollar since the beginning of July. The currency pair bounced off from the bottom border of the horizontal channel at 1.4596 on August 2.

Given that the pair is trading near the upper band of the channel pattern, a breakout could occur in the nearest future. Technical indicators flash buy signals on the 4(H) time-frame chart.

However, the exchange rate might continue to trade in the horizontal channel within this week trading sessions.

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