Source: PaxForex Premium Analytics Portal, Technical Insight
European flash PMIs shake market expectations for peak rates and recession, with previously resilient services PMIs collapsing into contraction territory for Germany, the Eurozone, and the UK.
EUR/CAD,D1
Pivot: 1.4696
Analysis:
As long as the price is above 1.4500 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4696
- Take Profit 1: 1.4800
- Take Profit 2: 1.4900
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: 1.4300
Comment:
RSI indicates upside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.5000 | 1.4500 |
| 1.4900 | 1.4400 |
| 1.4800 | 1.4300 |
