Source: PaxForex Premium Analytics Portal, Technical Insight
Euro area industrial production declined 1.1% m/m in July (cons: -0.9%). Germany, Italy, and Spain drove the decline while French production rose in July.
EUR/CAD,D1
Pivot: 1.4542
Analysis:
As long as the price is above 1.4500 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4542
- Take Profit 1: 1.4700
- Take Profit 2: 1.4800
Alternative scenario:
If the level of 1.4500 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.4500
- Take profit 1: 1.4400
- Take Profit 2: 1.4330
Comment:
RSI indicates upside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.4900 | 1.4500 |
| 1.4800 | 1.4400 |
| 1.4700 | 1.4300 |
