Short term trend: Bearish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.4211
Kijun-Sen level: 1.4207
Ichimoku cloud top: 1.4141
Ichimoku cloud bottom: 1.4175
EUR/CAD made a low of 1.4125 and is recovering from that level. Overall trend is bearish as long as resistance 1.4305 holds. Any break above 1.4305 would extend gain to 1.4350/1.4435.
The pair is facing short term support around 1.4125. On the downside break below will target 1.4000/1.3888 (100% projection of 1.4499 to 1.4046 from 1.43412).
Recommendation: Sell EUR/CAD around 1.4195, SL 1.4305, Target 1.3890.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.4211
Kijun-Sen level: 1.4207
Ichimoku cloud top: 1.4141
Ichimoku cloud bottom: 1.4175
EUR/CAD made a low of 1.4125 and is recovering from that level. Overall trend is bearish as long as resistance 1.4305 holds. Any break above 1.4305 would extend gain to 1.4350/1.4435.
The pair is facing short term support around 1.4125. On the downside break below will target 1.4000/1.3888 (100% projection of 1.4499 to 1.4046 from 1.43412).
Recommendation: Sell EUR/CAD around 1.4195, SL 1.4305, Target 1.3890.