EUR/CAD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a two-week retreat from a five-year high of 1.5584, the Euro changed its trend against the Canadian Dollar and entered a 191-bar long rising wedge pattern.
At the moment, the instrument is stuck in its 50-hour SMA at 1.5254; however, this SMA is not likely to withstand selling pressure for a long time as over 70% of market players at the SWFX bet of depreciation of EUR/CAD. The decline below 1.5256/3 (50-hour SMA; daily S1) may send the pair to the next support zone at 1.5244/32 (four-hour S1, S2; daily S3), below which only 200-hour SMA at 1.5230 is capable of preventing a stab to the pattern's lower boundary.
© Dukascopy Bank SA
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