FxWirePro

EUR/CAD technicals and trade setup

FX:EURCAD   Euro Fx/Canadian Dollar
90 0 4
EUR/CAD major trend creeps up through ascending triangle but restrained at major resistance, gravestone could be deceptive:

The gravestone Doji appeared at 1.4752 levels to evidence dips below 7DMA, but no confirmation from leading and lagging indicators.

The prices behavior in major trend attempt to creep up in the ascending triangle pattern.

Please observe last three months’ upswings are restrained exactly at ascending triangle’s upper side (i.e. at 1.4893 levels).

The current prices have slid way below 7DMA but not 21DMA areas where could see strong supports and for now, 7DMA curve changed a bit in narrow direction but it shouldn’t be interpreted as a trend reversal, moreover, MACD is also indicating the chances of rallies to prolong.

At the current juncture, we foresee all chances of breaching important resistance of 1.4784 and 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 absolutely puzzling to signal ongoing rallies today. While another leading oscillator (slow stochastic ) approaches 80 levels and %D crossover, that indicates the bears don’t seem to lose this momentum atleast in near term to the rallies that we are seeing.

But on the contrary, these bearish swings have been slipping to test the support at rising side of ascending triangle, hovering with EMAs. Well, overall it’s going to be equal chances for both bulls.

If any failure swings are foreseen from current levels, then the aggressive bears can add shorts in futures contracts of November month delivery to speculate short term bearish sentiments for targets of 1.4612 levels, keep a strict stop loss of 1.4813 levels.
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