2 Dec 2013
EUR/CAD stalling in 1.44 handle
FXstreet.com (London) - EUR/CAD remains around the late October peak, and short-term trends are turning a little softer according strategists at TD Securities.
EUR/CAD strength of the sell-off in the cross through October signalled an important top/reversal in the broader trend as explained by the strategists. “We had expected this area to be a relatively high hurdle for the cross. Broadly, the direction here is somewhat uncertain; bull trend momentum is strong but the EUR looks overbought and is struggling around key resistance. Loss of support at 1.4325 should trigger more losses for EUR/CAD moving forward. A sustained push through 1.4450 would be bullish for 1.46/1.48”.
EUR/CAD Levels
The 20 DMA is 1.4145 the 50 DMA is 1.4110 and the 200 DMA is 1.3655. RSI (14) reads 47.52. Supports are ascending from 1.4240, 1.4290, 1.4330, and 1.4370. Spot is currently 1.4410 while resistances are 1.4445, 1.4580, 1.4665, 1.4740 and 1.4775.
EUR/CAD strength of the sell-off in the cross through October signalled an important top/reversal in the broader trend as explained by the strategists. “We had expected this area to be a relatively high hurdle for the cross. Broadly, the direction here is somewhat uncertain; bull trend momentum is strong but the EUR looks overbought and is struggling around key resistance. Loss of support at 1.4325 should trigger more losses for EUR/CAD moving forward. A sustained push through 1.4450 would be bullish for 1.46/1.48”.
EUR/CAD Levels
The 20 DMA is 1.4145 the 50 DMA is 1.4110 and the 200 DMA is 1.3655. RSI (14) reads 47.52. Supports are ascending from 1.4240, 1.4290, 1.4330, and 1.4370. Spot is currently 1.4410 while resistances are 1.4445, 1.4580, 1.4665, 1.4740 and 1.4775.