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FxWirePro
Dec 4, 2014 10:26 AM

We prefer to go Short in EUR/CAD Short

Euro Fx/Canadian DollarFXCM

Description

Short term trend: Bearish
Ichimoku analysis (1 Hour chart):
Tenkan-Sen level: 1.3978
Kijun-Sen level: 1.4027
Ichimoku cloud top: 1.4096
Ichimoku cloud bottom: 1.4143

EUR/CAD has retreated after making high of 1.4167 and overall trend is weak as long as support 1.4175 holds.
The break above 1.4175 would extend gain to 1.4210/1.4270 in short term. Minor support is around 1.4000 and break of will take the pair to 1.3850.
Short term reversal only above 1.4145.

Indicators
Ichimoku (9, 26, 52, 26) - Sell
MACD (12.26.9) – Sell

Recommendation: Sell EUR/CAD around 1.4050, SL 1.4145, Target 1.3855.
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