EUR/CAD 4H Chart: Bounces off support

Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellBuySell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellNeutralSell
SAR(0.02;0.2)BuySellBuy
Aggregate

The single European currency has been trading between the range of 1.4764/1.4592 zones against the Canadian Dollar since November 21. The currency pair depreciated about 1.14% in value during last week's trading sessions.

Given that the EUR/CAD currency pair has bounced off the bottom border of an ascending channel pattern, bullish traders could drive the price towards the 1.4850 area during the following trading sessions.

However, a resistance cluster formed by the weekly R1 and the monthly R1 at 1.4764 could hinder such progress within this week's trading sessions.

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