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EUR/CAD technicals and trade setup

FX:EURCAD   Euro Fx/Canadian Dollar
116 0 8
EUR/CAD pops with mounting bearish sentiments after sliding below symmetric triangle’s baseline – Encourage shorts tunnel spreads:

On weekly basis, the pair has broken the supports of 1.4612, SMAs and 1.4406 levels, for now, heading towards 1.4186 levels.

Shooting star on weekly term evidences dips way below SMAs, with the strong confirmation from leading and lagging indicators.

The prices behavior in major trend until last month had been attempting to creep up in the ascending triangle pattern but for now, the current price goes below EMAs & now attempting to break strong supports at 1.4321 levels.

Please observe last three months’ upswings are restrained exactly at ascending triangle’s upper side (i.e. at 1.4893 levels) but for now, the trend going out of the proportion breaks below-ascending triangle baseline.

At the current juncture, we foresee all chances of breaching important resistance of 1.4784and then at 1.4960 levels in medium run to prevail then the major trend, otherwise, failure swings would evidence intensified selling interest in this pair.

RSI appears to be converging to the downswings to signal the strength in the downtrend. While another leading oscillator (slow stochastic ) also evidences %D crossover below 20 levels, that indicates the bears don’t seem to lose this momentum atleast in near term to the rallies that we are seeing.

Additionally, MACD with bearish crossover entering into below zero territory that indicates more price declines are likely to extend.

If any failure swings are foreseen at the resistance of 1.4406 levels, then the aggressive bears can add tunnel spreads that are the binary version of debit put spreads for targets of 1.4186 levels.
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