EUR/CAD Weekly Analysis
"On Monthly:
200, 50 and 20 EMA are showing Bullish move as the overall move indicates. However, 1.50700 and 1.5200 which is Psychological Resistant are holidng firm.
Price moving back down to test 1.4800 another Psychological Support number that is playing Support now which has been respected in the past.
Next Support is 1.47140 followed by past 52 Candle Low 1.44500.
In short, depite the overall Bullish move, this month we are going Bearish.
-- On Weekly:
The Uptrend has been broken and it has been tested by last week move.
Some may argue that it's Harami Bullish candle formation. However, if the upper and lower wick were much greater, then it would be Harami for sure.
If Monday doesn't continue Bullish move, then the reversal to down is the moselikely next move.
--On Daily:
On 11/22 it hit the Monthly bottom Trend line (RED) and sharly rejected and bounce backed up.
It's testing the Daily (GRAY) trendline and candles are getting smaller and it seems they are losing steem and ready to bounce back down to S. 1.47140 a strong historical respected number.
All three EMA, 200, 50, and 20 are above price.
-- On Hourly:
It's trending up and going toward the Daily trendline.
As we can see, it has been touched twice and was rejected sharply.
Entry would be;
Either wait for touch upper Hourly / Daily trendline and confirm the rejection.
OR
Once the Lower band of Hourly Trendline is broken and confirmed.
Bearish move towards 1.47140 historical Support/Resistant.
"
200, 50 and 20 EMA are showing Bullish move as the overall move indicates. However, 1.50700 and 1.5200 which is Psychological Resistant are holidng firm.
Price moving back down to test 1.4800 another Psychological Support number that is playing Support now which has been respected in the past.
Next Support is 1.47140 followed by past 52 Candle Low 1.44500.
In short, depite the overall Bullish move, this month we are going Bearish.
-- On Weekly:
The Uptrend has been broken and it has been tested by last week move.
Some may argue that it's Harami Bullish candle formation. However, if the upper and lower wick were much greater, then it would be Harami for sure.
If Monday doesn't continue Bullish move, then the reversal to down is the moselikely next move.
--On Daily:
On 11/22 it hit the Monthly bottom Trend line (RED) and sharly rejected and bounce backed up.
It's testing the Daily (GRAY) trendline and candles are getting smaller and it seems they are losing steem and ready to bounce back down to S. 1.47140 a strong historical respected number.
All three EMA, 200, 50, and 20 are above price.
-- On Hourly:
It's trending up and going toward the Daily trendline.
As we can see, it has been touched twice and was rejected sharply.
Entry would be;
Either wait for touch upper Hourly / Daily trendline and confirm the rejection.
OR
Once the Lower band of Hourly Trendline is broken and confirmed.
Bearish move towards 1.47140 historical Support/Resistant.
"
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