Source: PaxForex Premium Analytics Portal, Technical Insight

The ECB meeting next week will be peculiar, with a risk of no market reaction. On the one hand, the decision has already been well-telegraphed and on the other hand guidance is likely a ‘one-sided’ risk for markets. Hawkish tunes from Lagarde on the back staff projections are at risk of being disregarded mainly by markets.

EUR/CAD,D1

Pivot: 1.4407

Analysis:

As long as the price is below 1.4600 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.4407
• Take Profit 1: 1.4300
• Take Profit 2: 1.4200

Alternative scenario:

If the level of 1.4600 is broken-out, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.4600
• Take profit 1: 1.4850
• Take Profit 2: 1.4935

Comment:

RSI indicates downside potential in the medium term.

Key levels: