Source: PaxForex Premium Analytics Portal, Technical Insight
European Central Bank (ECB) decided to raise its three key interest rates by 75 basis points (the deposit rate is now 0.75%). Economists at Commerzbank continue to expect it to raise its deposit rate to 3.0% by March next year.
EUR/CAD,D1
Pivot: 1.3398
Analysis:
As long as the price is above 1.3340 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3398
- Take Profit 1: 1.3570
- Take Profit 2: 1.3715
Alternative scenario:
If the level of 1.3340 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3340
- Take profit 1: 1.3240
- Take Profit 2: 1.3120
Comment:
RSI indicates upside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.3775 | 1.3340 |
| 1.3715 | 1.3240 |
| 1.3570 | 1.3120 |
