EURCAD : BEARS ARE IN CONTROL
- The market has been trading inside a wide trading range for 5 weeks, the mid-term trend was then neutral.
- At the end of March, sellers have become powerful and numerous enough to take control of the market, leading prices to a bearish breakout of the lower bound of their range.
Investors, pushed by hopes a dovish monetary switch in the Eurozone, have massively sold the single currency, leading prices to a new low around 1.4588.
The DMI indicator confirms this lack of appetite for the Euro currency, displaying a high bearish pressure within a directional movement.
- This situation is clearly bearish for this pair. The fundamentals behind this price action isn't likely to fade away soon as bets of rate cuts in Europe keep on piling up everyday.
The next major support area can be located around 1.4570 while the second one remains around 1.4514.
Of course intermediate support levels can also be found around 1.4555 and 1.4537.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- At the end of March, sellers have become powerful and numerous enough to take control of the market, leading prices to a bearish breakout of the lower bound of their range.
Investors, pushed by hopes a dovish monetary switch in the Eurozone, have massively sold the single currency, leading prices to a new low around 1.4588.
The DMI indicator confirms this lack of appetite for the Euro currency, displaying a high bearish pressure within a directional movement.
- This situation is clearly bearish for this pair. The fundamentals behind this price action isn't likely to fade away soon as bets of rate cuts in Europe keep on piling up everyday.
The next major support area can be located around 1.4570 while the second one remains around 1.4514.
Of course intermediate support levels can also be found around 1.4555 and 1.4537.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.