EURCAD Testing the 1D MA50. Sell opportunity.

4 Jul

The EURCAD pair eventually formed the new Lower High on the 17-month Channel Down as presented on our last analysis (May 27, see chart below) and got rejected:

The rejection extended to as low as the 1D MA200 (orange trend-line) and a short-term rebound has brought the price back to a 1D MA50 (blue trend-line) rejection.

Both previous Bearish Legs declined at least by -3.85%. We expect this 1D MA50 rejection to lead the price to at least Support 1, with our Target being 1.45000 (just above it).

On a side-note, check the high degree of symmetry between the 1D RSI sequences of the Channel's Legs.

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