EUR/CAD slips below 1.55 handle, good to sell rallies
EUR/CAD upside run seems to have stalled at 1.5914 highs on Thursday, 11th Feb, pair slips below 1.55 handle.
Price action on the day has been rejected at highs by 1.5590 and the pair has edged lower, broken below 10-DMA at 1.5537.
The following technical factors support our view for downside correction in the pair:
- Formation of an inverted hammer at highs
- Bearish stochastics crossover from overbought territory
- RSI turns lower from 62 levels, points south
Immediate support is seen at 1.5429 (Feb 8th lows), while resistance is located at 1.5644 (5-DMA)
Good to sell rallies around 1.55, SL: 1.5650 TP:1.5240/1.52
Price action on the day has been rejected at highs by 1.5590 and the pair has edged lower, broken below 10-DMA at 1.5537.
The following technical factors support our view for downside correction in the pair:
- Formation of an inverted hammer at highs
- Bearish stochastics crossover from overbought territory
- RSI turns lower from 62 levels, points south
Immediate support is seen at 1.5429 (Feb 8th lows), while resistance is located at 1.5644 (5-DMA)
Good to sell rallies around 1.55, SL: 1.5650 TP:1.5240/1.52
Trade closed: target reached