HomeContributorsTechnical AnalysisEUR/CAD 4H Chart: Breached Resistance Cluster

EUR/CAD 4H Chart: Breached Resistance Cluster

The common European currency has been trading in an ascending channel against the Canadian Dollar after it hit the lower boundary of a three-month junior channel.

The currency pair has breached a resistance cluster set by the combination of the weekly, the monthly PPs and the 100-hour simple moving average near 1.5961.

The overall market sentiment is bullish and it is likely to continue for the following trading sessions until it breaches the upper boundary of a dominant channel. In addition, Technical indicators suggest that the bears could continue to grow stronger through the following week.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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