FX.co ★ EUR/CAD Intraday Technical Analysis & Follow Up August 2, 2011

As we expected decline from the resistance level 1.3770 took place.

We have a strong bearish daily candlestick enhancing our short position.

Now The pair is testing the lower limit of the bullish channel and the support level 1.3530.

We need to see this level broken in order to resume the downside movement and take further targets.

The next support level to be targetted will be 1.3450.