19 Jun 2015
EUR/CAD capped below 200 DMA - TDS
FXStreet (Guatemala) - Analysts at TD Securities explained that EUR/CAD remains stuck in a trading range—squeezed between 200-day MA and trend resistance at 1.39/1.40 and solid support around 1.38.
Key Quotes:
"The short-term trend is higher and the structure of H2 price action remains potentially bullish (inverse Head & Shoulders low, neckline break around 1.38 continues to hold) but the EUR’s rejection of 18-month trend resistance at 1.40 earlier in June looks quite emphatic and we are less convinced by the bull prospects for the cross now than we were at the start of the month."
"Trend momentum is shifting to supportive, if not outright bullish, on the short-term studies, which may boost the EUR’s prospects for strength but there are many opposing forces at work here at present."
Key Quotes:
"The short-term trend is higher and the structure of H2 price action remains potentially bullish (inverse Head & Shoulders low, neckline break around 1.38 continues to hold) but the EUR’s rejection of 18-month trend resistance at 1.40 earlier in June looks quite emphatic and we are less convinced by the bull prospects for the cross now than we were at the start of the month."
"Trend momentum is shifting to supportive, if not outright bullish, on the short-term studies, which may boost the EUR’s prospects for strength but there are many opposing forces at work here at present."