5 Feb 2014
EUR/CAD a steady construction?
FXStreet (Guatemala) - EUR/CAD, ahead of the ECB and strategists at TD Securities noted that price action looks potentially constructive on the day so far, with the EUR finding good support in the low 1.49s and against minor, upward sloping trend support.
“Long “lower shadows” on the daily candles over the past week suggest that the market is finding good support on dips below 1.50. The broader trend seems well-entrenched still reflected in the upward tracking 28– and 40-day moving averages. The broader pattern of trade remains a little more suspect though a possible Head & Shoulders top in formation with that short-term trend support noted above as the trigger for a deeper slide. Monitor”.
EUR/CAD Levels
The 20 DMA is 1.4985, the 50 DMA is 1.4730 and the 200 DMA is 1.4005.
Supports are ascending from 1.4745, 1.4790, 1.4835 1.4910. Spot is 1.5205 while resistances are1.5285, 1.5310 and 1.5370.
“Long “lower shadows” on the daily candles over the past week suggest that the market is finding good support on dips below 1.50. The broader trend seems well-entrenched still reflected in the upward tracking 28– and 40-day moving averages. The broader pattern of trade remains a little more suspect though a possible Head & Shoulders top in formation with that short-term trend support noted above as the trigger for a deeper slide. Monitor”.
EUR/CAD Levels
The 20 DMA is 1.4985, the 50 DMA is 1.4730 and the 200 DMA is 1.4005.
Supports are ascending from 1.4745, 1.4790, 1.4835 1.4910. Spot is 1.5205 while resistances are1.5285, 1.5310 and 1.5370.