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Technical Analysis
IKOFX Daily Market Analysis
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[QUOTE="team.ikofx, post: 81112, member: 31158"] [b]EURCAD Might Weaken Further[/b] The Euro was hammered recently not only against the US dollar, but also against other currencies like the Canadian dollar. There was a major support formed for the EURCAD pair, which was breached to set the pair for more declines in the near term. The recent releases in the Euro zone were not that bad, but sellers managed to take the Euro lower. There is one important release lined up today, as the Euro zone retail sales report stating changes in sales of the Euro zone retail sector and represents the performance of the retail sector in the short term will be released by the Eurostat. The market is expecting a decline and if that happens the Euro might come under pressure. There was a monster bullish trend line formed on the 4-hour chart of the EURCAD pair, which was breached by the Euro sellers recently as the pair then tested the 1.3500 support area. The pair is currently making an attempt to correct higher, but faces several resistances on the way up. Initial one is around the 23.6% fib retracement level of the last drop from the 1.3750 high to 1.3509 low. However, the most important one is around the 38.2% fib level, which is now coinciding with the broken trend line. The 4H RSI is also below the 50 mark, which is a bearish sign in the near term. [IMG]http://s12.postimg.org/538v5yk31/EURCAD_04_08_2015.png[/IMG] If the EURCAD pair moves lower from the current levels, then a break below the recent low of 1.3509 might call for more losses moving ahead. Overall, one might consider selling rallies in the EURCAD pair as long as it is below the 38.2% fib level. ------------------------------------- [B][I]Posted By IKOFX Technical Team: Online Forex Broker[/I][/B] [/QUOTE]
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