Chart Of The Day: EURCAD’s Bounce From Horizontal Region Indicates Further Upside

Wed, 13 Sep 2017 06:58

While break of medium-term ascending trend-line dragged EURCAD towards testing the lowest levels in nearly two-months, the 1.4465-80 horizontal support-region triggered the pair's pullback that presently indicates brighter chances to witness 1.4660 and the 1.4720 nearby resistances on the chart. However, the support-turned-resistance line, at 1.4740, adjacent to the 50-day SMA level of 1.4750, might confine the pair's following upside beyond 1.4720. In case if the quote manages to offer a daily close beyond 1.4750, the 1.4830, the 1.4870 and the 1.4900 are likely consecutive north-side numbers that can please buyers.

On the contrary, pair's inability to sustain the recent U-turn reignites importance of 1.4465-80 area, breaking which prices can quickly decline to 1.4400 and the 1.4355 support-levels. Given the Bears dominate trade sentiment after 1.4355 break, the 1.4260 and the 1.4230 may appear on their radar.

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