© Dukascopy Bank SA
Today the EUR/CAD currency couple experienced a small bearish reaction, and at the particular moment the price confronts the weekly S1 at 1.2607, which is very likely to stop the movement downwards. If it is broken, then the price might reach the monthly R1 at 1.2554, which in turn is expected to change the direction of the prevailing tendency. Nevertheless, RSI indicator shows a neutral signal, although the overall indicator outlook is bullish, therefore a soon trend reversal could be expected.
Traders' sentiment
Traders at SWFX market maintain slight bearish trend expectations, as 42% of traders hold bullish positions and 58% of traders hold bearish positions. In contrast, the distribution of orders shows slight bullish tendency expectations, since 58% of traders ordered to buy and only 42% ordered to sell the Euro.
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