The EUR/CAD
trend is obviously very bearish – the pair has been moving to the downside ever
since it bounced off from 1.5585. That said, the pair finally found some
support at 1.4800 and formed several signals for a likely retracement, namely a
double bottom at the aforementioned support level, as well as a hammer
candlestick on the one-hour time-frame, and several spinning top candlesticks
on the four-hour time-frame. Currently the pair is testing the resistance at
1.4925, which coincides with the (MA)89 indicator on the one-hour time-frame.
It has formed similar candlesticks at that level too, so whether it will be
able to break out above it too is unclear. If it does it will probably continue
rising towards 1.5000. If it bounces off from it the pair may fall back down
towards 1.4800.
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