FxWirePro
Long

EUR/CAD hammer hammers rallies again, bulls rule-out engulfing

FX:EURCAD   Euro / Canadian Dollar
Chart and candlestick patterns formed- Rising channel pattern, bullish engulfing pattern, hammer pattern candlesticks at channel resistance and baseline on daily and monthly plotting respectively.

The bullish rallies are shrugging off last Friday’s stern engulfing pattern at 1.5090 levels that have plunged the prices below DMAs. In the recent past, huge volatile price actions are observed but for now, upside traction is backed by leading oscillators in the bumpy ride.

Please be noted that the major trend has been drifting in non-directional phase bit with slightly upside traction is on especially after the recent occurrence of hammer pattern candles in the recent months.

Well, for now, the supports in intermediate trend are observed at 1.4678 (i.e. 21DMA levels), and any break below these levels can only be seen as the bearish sentiment which seems unlikely.

On the flip side, the stiff resistance is observed at 1.5145 levels, the short-term bullish sentiments are backed up by both leading oscillators.

RSI and stochastic curves are converging upwards. While both lagging indicators signal extension of the uptrend.

Trade tips: Contemplating above technical rationale, on trading perspective, it is advisable to buy double touch binary call for upside targets upto next stiff resistance of 1.5149 levels, the strategy is likely to fetch leveraged yields as the underlying spot most likely to retest on or before the expiry duration.

Currency Strength Index: FxWirePro's hourly EUR spot index has shown -64 (which is bearish ), while hourly CAD spot index was at -108 (extremely bearish ) while articulating at 13:24 GMT .
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