Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/CAD holds 50-DMA support at 1.4768, weakness only on break below

  • EUR/CAD has taken support at 50-DMA at 1.4768. We see weakness only on break below.
     
  • The shared currency remains bid following the release of better-than-expected flash Euro-zone PMI prints for August.
     
  • Also, rising market expectations of a possible ECB tapering clues at the Jackson Hole Symposium keep euro supported.
     
  • Technical indicators are still bearish. RSI and stochs are biased lower while MACD shows bearish crossover on signal line.
     
  • The pair is extending decline in a symmetric triangle pattern, break below 50-DMA raises scope for test of triangle base.
     
  • Breach of triangle base then eyes 200-DMA at 1.4461. Bearish invalidation on close above 20-DMA at 1.4859.

Support levels - 1.4819 (5-DMA), 1.4768 (50-DMA), 1.4630 (trendline), 1.4461 (200-DMA)

Resistance levels - 1.4859 (20-DMA), 1.4869 (cloud top), 1.4985 (trendline)

Recommendation: Watch out for decisive break below 50-DMA to go short.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest.

 

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

November 20 20:00 UTC Released

BRCAGED Net Payroll Jobs*

Actual

77 k

Forecast

Previous

77 k

November 20 13:00 UTC Released

RURetail Sales YY

Actual

3.0 %

Forecast

3.9 %

Previous

3.1 %

November 21 13:55 UTC 466466m

USRedbook MM

Actual

Forecast

Previous

-1.2 %

November 21 13:55 UTC 466466m

USRedbook YY

Actual

Forecast

Previous

2.3 %

November 22 12:00 UTC 17911791m

USMBA Mortgage Applications

Actual

Forecast

Previous

3.1 %

November 22 12:00 UTC 17911791m

USMortgage Market Index

Actual

Forecast

Previous

401.7 Bln EUR

November 22 13:30 UTC 18811881m

USJobless Claims 4-Wk Avg

Actual

Forecast

Previous

237.75 k

November 22 13:30 UTC 18811881m

USInitial Jobless Claims

Actual

Forecast

240 k

Previous

249 k

November 22 13:30 UTC 18811881m

USContinued Jobless Claims

Actual

Forecast

1.882 Mln

Previous

1.860 Mln

November 22 14:30 UTC 19411941m

BRForeign Exchange Flows*

Actual

Forecast

Previous

-3.412 Bln USD

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.