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25 Feb 2015
EUR/CAD: A bearish session below 200 DMA
FXStreet (Guatemala) - EUR/CAD is currently trading at 1.4712 with a high of 1.4178 and a low of 1.4069.
EUR/CAD is a chop and sideways on 1.4040 support of the channel until through 1.4490 on the 4 hour chart. However, further out pressures come in from above 1.5600.
Analysts at TD Securities explained that on an intraday basis the weakness has developed into a bearish session for the cross overall on the day, with a technically negative outside range reversal forming Tuesday. "Price action suggests a strong rejection of the mid-February range ceiling and, more importantly, the 200-day MA."
EUR/CAD is a chop and sideways on 1.4040 support of the channel until through 1.4490 on the 4 hour chart. However, further out pressures come in from above 1.5600.
Analysts at TD Securities explained that on an intraday basis the weakness has developed into a bearish session for the cross overall on the day, with a technically negative outside range reversal forming Tuesday. "Price action suggests a strong rejection of the mid-February range ceiling and, more importantly, the 200-day MA."