EUR/CAD 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After EUR/CAD touched the pattern's support in the beginning of this week, it is currently growing in value. The trend-line, in turn, was reinforced by monthly PP, weekly S1 and 200-period SMA, and they altogether denied any bearish idea to send the single currency below 1.3450. Meanwhile, the present rebound is creating its own risks for the currency pair. The nearest resistance is strengthened by 100 and 55-period SMA, as well as the weekly PP. The Euro is required to surpass all of these lines in order to confirm the medium-term bullish outlook. SWFX traders are bullish on the pair in 58% of all cases. On the contrary, weekly technical indicators are pointing to the downside at the moment.
© Dukascopy Bank SA
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