20 Mar 2014
EUR/CAD testing 1.55 handle to the downside
FXStreet (Guatemala) - EUR/CAD has been drifting towards the 1.5500 level as a slow grind lower post the fall from 1.5580 on yesterdays business.
Strategists at TD Securities explained the underlying trend in EUR/CAD remains positive despite the market’s failure to make more obvious progress over the last couple of sessions. Trend momentum is bullish across a range of timeframes, implying limited scope for corrective losses in the cross for the moment. We look for strong support in the low 1.53s now (trend channel, recent lows and MA support converging). We still target 1.56 and think the risk of a deeper extension higher is pronounced.
EUR/CAD Levels
The 20 DMA is 1.5320, the 50 DMA is 1.5140 and the 200 DMA is 1.4300. RSI (14) reads 68.36. Supports are ascending from 1.5280, 1.5310, 1.5405, 1.5465, 1.5555, 1.5600, 1.5690, 1.5730 and 1.5810.
Strategists at TD Securities explained the underlying trend in EUR/CAD remains positive despite the market’s failure to make more obvious progress over the last couple of sessions. Trend momentum is bullish across a range of timeframes, implying limited scope for corrective losses in the cross for the moment. We look for strong support in the low 1.53s now (trend channel, recent lows and MA support converging). We still target 1.56 and think the risk of a deeper extension higher is pronounced.
EUR/CAD Levels
The 20 DMA is 1.5320, the 50 DMA is 1.5140 and the 200 DMA is 1.4300. RSI (14) reads 68.36. Supports are ascending from 1.5280, 1.5310, 1.5405, 1.5465, 1.5555, 1.5600, 1.5690, 1.5730 and 1.5810.