4 Mar 2015
EUR/CAD: Moves into fresh bearish cycle - TDS
FXStreet (Guatemala) - Analysts at TD Securities explained that the EUR/CAD’s move to marginal new cycle lows sustains the broader, bearish outlook.
Key Quotes:
"A more definitive move to new lows would solidify the bear view but we think the bearish alignment of trend momentum oscillators (across the short, medium and long-term charts) currently implies little or no chance of a bounce in the EUR and ongoing pressure on the downside."
"The sideways range over the past few months has been well-defined by resistance in the 1.44/1.45 zone (reaffirmed by the strong rejection of the 200-day MA late in February) while support has been a little looser in definition below 1.40. Nevertheless, we think price action and oscillators combined point to more weakness towards 1.32/1.35 ahead. Look to fade minor gains.
Key Quotes:
"A more definitive move to new lows would solidify the bear view but we think the bearish alignment of trend momentum oscillators (across the short, medium and long-term charts) currently implies little or no chance of a bounce in the EUR and ongoing pressure on the downside."
"The sideways range over the past few months has been well-defined by resistance in the 1.44/1.45 zone (reaffirmed by the strong rejection of the 200-day MA late in February) while support has been a little looser in definition below 1.40. Nevertheless, we think price action and oscillators combined point to more weakness towards 1.32/1.35 ahead. Look to fade minor gains.