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EUR/CAD - Eyes rising trend line support on hourly

FX:EURCAD   Euro Fx/Canadian Dollar
Cross had a nice run after witnessing a bullish break from sideways channel as mentioned here.

Pair's is now eyeing rising trend line support seen at 1.4637 levels - 1.4627 (50-SMA). The hourly RSI is yet to reach oversold territory, thus indicating scope for a drop to trend line support.

A break lower would expose 1.4578 (falling trend line support on daily chat) where fresh demand can be anticipated, given the daily RSI is sitting above 50.00 levels.





fxxxxtrader PRO
7 months ago
SO are you looking lower,or a bounce???
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Looking for bounce as am seeing oil price weakness. Plus, there is also possibility of rebound in EUR/USD pair from 1.1431
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Roncriss
7 months ago
I agree, I think it will bounce and start going UP
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Roncriss
7 months ago
EURCAD Buy Setup
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Tradinghenk
7 months ago
Agreed. RSI has bullish character I think. Trending more in the upper regions than in the lower. So after small drop, I expect further rising. Maybe worth a buy when price has dropped to 1.4578 region.
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