Positioning Bias:
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.
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.