Source: PaxForex Premium Analytics Portal, Technical Insight
The ECB has adopted the tone of the BOE and the Federal Reserve after Bundesbank member Isabel Schnabel said “the last mile may be the most difficult one” to bring down inflation.
EUR/CAD,D1
Pivot: 1.4510
Analysis:
As long as the price is below 1.4700 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.4510
- Take Profit 1: 1.4400
- Take Profit 2: 1.4300
Alternative scenario:
If the level of 1.4700 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4700
- Take profit 1: 1.4800
- Take Profit 2: 1.4900
Comment:
RSI indicates downside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.4900 | 1.4400 |
| 1.4800 | 1.4300 |
| 1.4700 | 1.4200 |
