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7 Nov 2014
EUR/CAD popping up on 1.41 handle against the grain
FXStreet (Guatemala) - EUR/CAD is trading at 1.4107, down -0.23% on the day, having posted a daily high at 1.4191 and low at 1.4055.
EUR/CAD has moved through the 1.41 handle and analysts at TD Securities have explained that the minor squeeze higher in EUR/CAD that they looked for Monday duly unfolded and their suggestion to fade gains through the 28– and 40-day MA signals now looks prescient, with the EUR struggling to extend beyond the low 1.43 area and price shifting back to the low end of the range through the latter part of the week. “On the week overall, the cross is showing no net change which may well reinforce the broader sideways range trade that has been developing here in the past two months. Overall, we still rather think recent price action suggests strong resistance in the low 1.44s and a bias towards lower levels in the months ahead (1.35/1.38). Fade near-term strength”.
EUR/CAD noteworthy levels
Current price is 1.4108, with resistance ahead at 1.4111 (Weekly Low), 1.4138 (Yesterday's Low), 1.4141 (Daily Open) and 1.4155 (Hourly 20 EMA). Next support to the downside can be found at 1.4086 (Daily Classic S1), 1.4065 (YTD Low), 1.4055 (Daily Low), 1.4032 (Daily Classic S2) and 1.4011 (Weekly Classic S1).
EUR/CAD has moved through the 1.41 handle and analysts at TD Securities have explained that the minor squeeze higher in EUR/CAD that they looked for Monday duly unfolded and their suggestion to fade gains through the 28– and 40-day MA signals now looks prescient, with the EUR struggling to extend beyond the low 1.43 area and price shifting back to the low end of the range through the latter part of the week. “On the week overall, the cross is showing no net change which may well reinforce the broader sideways range trade that has been developing here in the past two months. Overall, we still rather think recent price action suggests strong resistance in the low 1.44s and a bias towards lower levels in the months ahead (1.35/1.38). Fade near-term strength”.
EUR/CAD noteworthy levels
Current price is 1.4108, with resistance ahead at 1.4111 (Weekly Low), 1.4138 (Yesterday's Low), 1.4141 (Daily Open) and 1.4155 (Hourly 20 EMA). Next support to the downside can be found at 1.4086 (Daily Classic S1), 1.4065 (YTD Low), 1.4055 (Daily Low), 1.4032 (Daily Classic S2) and 1.4011 (Weekly Classic S1).