Source: PaxForex Premium Analytics Portal, Technical Insight
Today ECB takes centre stage and is expected to leave its rates unchanged. President Lagarde is also seen reinforcing the case of a rate cut in the summer.
EUR/CAD,D1
Pivot: 1.4717
Analysis:
As long as the price is below 1.4800 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.4717
- Take Profit 1: 1.4500
- Take Profit 2: 1.4400
Alternative scenario:
If the level of 1.4800 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4800
- Take profit 1: 1.4900
- Take Profit 2: 1.5000
Comment:
RSI indicates downside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.5000 | 1.4500 |
| 1.4900 | 1.4400 |
| 1.4800 | 1.4300 |
