EUR/CAD | Euro to Canadian Dollar Trading Analysis
EUR/CAD | Euro to Canadian Dollar Trading Analysis
Written by: PaxForex analytics dept - Friday, 09 June 2023 0 comments
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:
Resistance | Support |
1.4935 | 1.4300 |
1.4850 | 1.4200 |
1.4600 | 1.4100 |