FX.co - EUR/CAD Technical Analysis and SHORT opportunity July 28, 2011

2011-07-27T06:19:50

Long-term review

Since June 8, the EUR/CAD currency pair has been in a downtrend.

The pair is making obvious lower lows and lower highs as marked on the chart.

Now the pair is retracing towards the downtrend line which will give a good SELL entry around 1.3760 due to:

50% and 38.2% Fibonatcci levels of the different bearish waves marked on the chart.

Suggested Trade:

Going Short around 1.3760 with TP at 1.3465 & SL placed above 1.3870.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Mohamed Samy

FX.co ★ EUR/CAD Technical Analysis and SHORT opportunity July 28, 2011