21 Jul 2014
EUR/CAD trend turning?
FXStreet (Guatemala) - EUR/CAD is trading at 1.4513, down -0.03% on the day, having posted a daily high at 1.4546 and low at 1.4503.
Analysts at TD Securities noted that the EUR/CAD is going nowhere fast. “The EUR’s failure to push through the 28-day MA barrier and the still firm downtrend that the steady gap between the 28-day and 40-day MA implies leave the market at risk of another test lower near-term and a little more range-trading between 1.44/1.46”. They also suggested that the extended move down in EUR/CAD is looking tired and that the July bounce in the cross—while limited in nature—signals that the trend is trying to turn.
EUR/CAD Levels
With spot trading at 1.4514, we can see next resistance ahead at 1.4525 (Hourly 20 EMA) and 1.4546 (Daily High). Support below can be found at 1.4503 (Daily Low), 1.4479 (Yesterday's Low) and 1.4451 (YTD Low).
Analysts at TD Securities noted that the EUR/CAD is going nowhere fast. “The EUR’s failure to push through the 28-day MA barrier and the still firm downtrend that the steady gap between the 28-day and 40-day MA implies leave the market at risk of another test lower near-term and a little more range-trading between 1.44/1.46”. They also suggested that the extended move down in EUR/CAD is looking tired and that the July bounce in the cross—while limited in nature—signals that the trend is trying to turn.
EUR/CAD Levels
With spot trading at 1.4514, we can see next resistance ahead at 1.4525 (Hourly 20 EMA) and 1.4546 (Daily High). Support below can be found at 1.4503 (Daily Low), 1.4479 (Yesterday's Low) and 1.4451 (YTD Low).