EUR/CAD 1H Chart: Broadening Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Buy Neutral Neutral
Stochastic (5; 3) Neutral Sell Sell
Alligator (13; 8; 5) Sell Neutral Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The European common currency has entered a medium-term consolidation period which has resulted in the formation of a broadening wedge. However, the lower wedge boundary was not reached during the rate's last wave down, as it halted abruptly circa 1.47—a support set by the weekly S1 and the 61.8% Fibonacci retracement. 

If a reversal is confirmed, it could demonstrate a shift in trader sentiment and therefore a possible buying opportunity. Technical indictors likewise support a slight recovery within this week.  

A significant resistance area is located near the 1.4860 mark set by the 55– and 200-hour SMAs, the monthly PP and the 38.2% Fibonacci line.

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