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25 September

By Ihab Maximous

Category: Technical Analysis

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EURCAD targets 1.4000 in the coming days

On the intraday levels, the euro versus the Canadian dollar pair moves in a bearish direction after a high volatile movement. The pair has reached ideal areas for selling over the long term for several reasons that will be illustrated in this article.

The EURCAD breached the bullish trend line at the beginning of this month, as depicted on the daily chart, where the pair is currently retesting the aforesaid breached trend line to provide another good selling opportunity.

By taking a look at technical indicators, it is clear that the RSI momentum indicator is supporting bearishness in the pair as it moves downwards below the 50 line.

Meanwhile, the pair is firstly targeting 1.4300 as it completes the formation of Gartley’s Harmonic pattern, then 1.4000 when it finishes the formation of a Bat Harmonic pattern.

Ihab Maximous

A stock market expert and technical analyst based on Elliott waves. He is the first to receive a certified Elliott wave Analyst certificate from Elliot Wave International website, a member of the American Association of Capital Market Experts. He is a member of the Egyptian Association of Analytical Analysts.