Source: PaxForex Premium Analytics Portal, Technical Insight
Stagflationary risks might be related to an escalation of the energy crisis in Europe. ECB President Lagarde assured this week that it will not happen and that even in the worst-case scenario the Eurozone will still achieve 2.3% growth this year.
EUR/CAD,D1
Pivot: 1.3806
Analysis:
As long as price is below 1.4172 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3806
- Take Profit 1: 1.3750
- Take Profit 2: 1.3650
Alternative scenario:
If the level of 1.4172 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4172
- Take profit 1: 1.4450
- Take Profit 2: 1.4600
Comment:
RSI indicates downside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.4600 | 1.3750 |
| 1.4450 | 1.3650 |
| 1.4172 | 1.3600 |
