EUR/CAD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Risks are heavily skewed to the downside. The pair is forming a high-quality descending channel, which suggests a sell-off from 1.45, where the upper bound of the pattern is reinforced by the 200-period SMA and the weekly R1. At the same time, the longer-term indicators are mostly pointing south. Moreover, despite the Euro giving up nearly 10% of its value since the beginning of this year, the currency remains noticeably overbought—as many as 74% of open positons are currently long. There is an important obstacle, however, that needs to be removed before the negative outlook is confirmed. It is the rising support line at 1.4280 that connects November 2015 and April 2016 lows.
© Dukascopy Bank SA
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