FX.co - EUR/CAD Long Term Technical Analysis (Bearish View) August 15, 2011

2011-08-15T09:30:47

Long-term review

The EUR/CAD currency pair is now testing the resistance level 1.4150-1.4240.

We can notice the strong bearish reaction of the price everytime the pair visits this resistance area.

We can also notice the bearish reaction of the pair this time manifested in the bearish candlesticks marked on the chart.

EUR/CAD Long Term Technical Analysis (Bearish View) August 15, 2011

On the 4H timeframe the pair started to make lower highs suggesting bearish move to come next.

If the current 4H candlestick closed as a bearish one this will confirm the SELL signal.

TP will be at 1.4010, 1.3940 then 1.3875 & SL 4H closure above 1.4220.

*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 Long Term Technical Analysis (Bearish View) August 15, 2011