24 Feb 2015
EUR/CAD: Will be edging lower from here - TDS
FXStreet (Guatemala) - Analysts at TD Securities explained the EUR/CAD in a technical snapshot.
Key Quotes:
"EUR/CAD remains range-bound. Short-term price action in the cross supports the outlook for more rangey, sideways chop here, with the EUR trading bearishly on the 6-hour chart and possibly forming a bearish range reversal."
"With that (apparent – and yet to be confirmed) rejection occurring very near the recent range peaks in the low 1.43 area where the 200-day MA currently resides, we remain inclined to look for the cross to edge lower from here—and likely retest the range lows. Overall, we look for more EUR under-performance in the months ahead and continue to expect the cross to drop to the low/mid 1.3s."
Key Quotes:
"EUR/CAD remains range-bound. Short-term price action in the cross supports the outlook for more rangey, sideways chop here, with the EUR trading bearishly on the 6-hour chart and possibly forming a bearish range reversal."
"With that (apparent – and yet to be confirmed) rejection occurring very near the recent range peaks in the low 1.43 area where the 200-day MA currently resides, we remain inclined to look for the cross to edge lower from here—and likely retest the range lows. Overall, we look for more EUR under-performance in the months ahead and continue to expect the cross to drop to the low/mid 1.3s."