The common European currency has continued its decline in a descending channel pattern against the Canadian Dollar. The currency pair depreciated about 1.02% in values during the last week.
Given that the 50-, 100– and 200-hour simple moving averages are located above the price level, it is likely that the decline could continue during this week’s trading session. The potential downside target will be near a support cluster formed by the combination of the weekly and the monthly PPs at 1.4816.
On the other hand, the currency exchange rate could reverse from the current price level at 1.4904 and aim for the 200-hour SMA at 1.5074 during the following trading sessions.
Given that the 50-, 100– and 200-hour simple moving averages are located above the price level, it is likely that the decline could continue during this week’s trading session. The potential downside target will be near a support cluster formed by the combination of the weekly and the monthly PPs at 1.4816.
On the other hand, the currency exchange rate could reverse from the current price level at 1.4904 and aim for the 200-hour SMA at 1.5074 during the following trading sessions.
Comment:
The single European currency depreciated about 182 base points against the Canadian Dollar during the past week. The decline was stopped by the 200-hour simple moving average at 1.5039.
The exchange rate is trading near a resistance cluster formed by the combination of the weekly and the monthly PPs at 1.5110.
If the currency exchange rate passes the resistance cluster, the next target for bullish traders will be near the weekly R1 at 1.5190.
On the other hand, if the resistance cluster as mentioned above holds, a decline towards the lower boundary of a junior ascending channel pattern at 1.4996 could be expected during the following trading sessions.
The exchange rate is trading near a resistance cluster formed by the combination of the weekly and the monthly PPs at 1.5110.
If the currency exchange rate passes the resistance cluster, the next target for bullish traders will be near the weekly R1 at 1.5190.
On the other hand, if the resistance cluster as mentioned above holds, a decline towards the lower boundary of a junior ascending channel pattern at 1.4996 could be expected during the following trading sessions.
Comment:
The Eurozone single currency traded sideways movement against the Canadian Dollar during last week trading sessions. The currency pair re-tested the upper boundary of a medium-term descending channel pattern at 1.5155 during Friday’s trading session.
Most likely, the currency exchange rate will maintain the medium-term descending channel pattern during this week’s trading sessions. The potential downside target will be at 1.4952.
Although, technical indicators flash buy signals on the 4(H) time frame chart. From a theoretical point of view, a surge could be expected in the short-term.
Most likely, the currency exchange rate will maintain the medium-term descending channel pattern during this week’s trading sessions. The potential downside target will be at 1.4952.
Although, technical indicators flash buy signals on the 4(H) time frame chart. From a theoretical point of view, a surge could be expected in the short-term.
Comment:
The common European currency has appreciated about 1.19% in value against the Canadian Dollar since last week’s trading sessions. The 50-hour simple moving average provided support for the pair during Friday’s trading session.
Everything being equal, it is likely that the exchange rate will target a resistance cluster formed by the combination of the weekly and the monthly pivot points at 1.5251 during the following trading sessions.
On the other hand, the currency exchange rate could reverse from the current price level at 1.5171 and aim for the lower band of an ascending channel pattern at 1.5071 in the shorter term.
Everything being equal, it is likely that the exchange rate will target a resistance cluster formed by the combination of the weekly and the monthly pivot points at 1.5251 during the following trading sessions.
On the other hand, the currency exchange rate could reverse from the current price level at 1.5171 and aim for the lower band of an ascending channel pattern at 1.5071 in the shorter term.
Currently, the exchange rate is trading near the upper boundary of a descending channel pattern at 1.5106.
If a resistance level formed by the upper boundary of the descending channel holds, a pullback towards the 50– and 100– hour simple moving averages at 1.4989 could be expected.
However, if the pair breaks the channel pattern, the next target for bullish traders will be at the 1.5300 region.