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EUR/CAD – bulls eyeing confluence of trend line resistance

FX:EURCAD   Euro Fx/Canadian Dollar
  • Pair's bearish break from hourly rising trend line as noted here yesterday ran out of steam at 1.4620. Since then, a couple of failed attempts have been made to get back above rising trend line.
  • The cross currently trades around 1.4710 and near confluence of falling trendline hurdle and rising trend line hurdle.
  • An hourly close above the same would open doors for an extension of rally that began last week following a bullish break from sideways channel.
  • On the other hand, repeated rejection at confluence of trend lines would expose larger falling trend line support on daily chart .
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