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27 Sep 2013
EUR/CAD eyes to finish up around the pivot
FXstreet.com (London) - EUR/CAD has recorded a high of 1.3998, continuing along the ascending supporting line within positive territory still towards the end of this week.
EUR/CAD, noted research teams at TD Securities, has managed to gain a little more ground though the low 1.3900 area this week but the progress has been somewhat hard to sustain and the broader risk of a major topping formation remains (potential Head & Shoulders reversal, 1.3636 neckline). “Shorter and longer-term price patterns suggest that the market may be at some risk of dropping back but there is firm underlying momentum developing here which suggests that the EUR is liable to remain supported on dips. “A sustained loss over the course of next week would suggest that downside pressure prevails and help clarify what looks a mixed picture for the cross at the moment”.
EUR/CAD Level’s
The 20 DMA is 1.3825, the 50 DMA is 1.3810 and the 200 DMA is 1.3465. RSI (14) reads 52.61 while supports are ascending from 1.3695, 1.3750, 1.3790, 1.3835 and 1.3905. Spot is currently 1.3937 while resistances are coming in at 1.3975, 1.4000, 1.4090 and 1.4125.
EUR/CAD, noted research teams at TD Securities, has managed to gain a little more ground though the low 1.3900 area this week but the progress has been somewhat hard to sustain and the broader risk of a major topping formation remains (potential Head & Shoulders reversal, 1.3636 neckline). “Shorter and longer-term price patterns suggest that the market may be at some risk of dropping back but there is firm underlying momentum developing here which suggests that the EUR is liable to remain supported on dips. “A sustained loss over the course of next week would suggest that downside pressure prevails and help clarify what looks a mixed picture for the cross at the moment”.
EUR/CAD Level’s
The 20 DMA is 1.3825, the 50 DMA is 1.3810 and the 200 DMA is 1.3465. RSI (14) reads 52.61 while supports are ascending from 1.3695, 1.3750, 1.3790, 1.3835 and 1.3905. Spot is currently 1.3937 while resistances are coming in at 1.3975, 1.4000, 1.4090 and 1.4125.