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EURCAD Trading View

Tuesday, May 2, 2017 5:12 AM GMT

Euro is rallying towards the upside against Canadian Dollar and it is recovering 50% of the last downside move (high 1.61 to the low 1.378). In addition the pair has performed a bullish break out of the trendline (high 1.61 to high 1.528) consequently its every close to the 1.50 again (psychological resistance).

Weekly

 

Daily

The pair has stalled below 161.8% (high 1.459 to low 1.405) as well 50% (read weekly chart). The stochastic behavior isn’t yet bearish. We have noted a potential scenario in the event of pull back. However, if price remains on consolidation close to highs, then it may not retrace back.

 

H4

Going on 4 hours timeframe, we have noted two important supports and how the price may react if the pair pulls back. 


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