Short term trend: Bearish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.4111
Kijun-Sen level: 1.4124
Ichimoku cloud top: 1.4154
Ichimoku cloud bottom: 1.4192
- EUR/CAD made a low of 1.4034 and has recovered from that level. Overall trend is still weak as long as resistance 1.4296 (Nov 6th high) holds.
- Any indicative break above would extend gain to 1.43412/1.41435.
- The pair is facing major support around 1.4000 and any decisive break will target 1.38842/1.3800.Recommendation: Sell EUR/CAD around 1.4130, SL 1.4300, Target 1.3800.
The material has been provided by InstaForex Company – www.instaforex.com