FX.co ★ EUR/CAD Long Term Technical Analysis (Bearish View) August 17, 2011

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

We can notice the previous 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.

On the 4H timeframe the pair is trapped inside a congestion area.

Bearish reaction is present at this resistance area manifested in the inverted hummer marked on the chart but we need to see bearish breakout in order to reach our targets.

TP will be at 1.4010, 1.3940 then 1.3875 & SL 4H closure above 1.4235.