FXstreet.com (Barcelona) - The pair has erased the losses of the day in a semi-volatile environment, between the unsettled atmosphere of yesterdays ECB cuts and the pending release of data in the United States Friday. According to the technical analysts at ICN.com, " The support level at 1.0125 managed to halt an extended downside movement, yet the pair is still trading below the suggested B point of the harmonic pattern under formation. We prefer to stay neutral for now since the return of the downside move is likely, however if stability above 1.0200 can be achieved, the pair may be pushed to the upside."
During the afternoon of the European session, the price of oil has certainly not helped the loonie, as it is steadfastly declining, valued at USD$ 85.71 or -1.64% at the time of writing. In terms of the technical levels, the cross is trading in the region of 1.0155, advancing at a rate of +0.12 above its opening price. The next short-term resistance levels will be seen at 1.0180, 1.0200 and then 1.0240. A return to the downside would usher in supports at 1.0125, 1.0100, and finally 1.0045.
During the afternoon of the European session, the price of oil has certainly not helped the loonie, as it is steadfastly declining, valued at USD$ 85.71 or -1.64% at the time of writing. In terms of the technical levels, the cross is trading in the region of 1.0155, advancing at a rate of +0.12 above its opening price. The next short-term resistance levels will be seen at 1.0180, 1.0200 and then 1.0240. A return to the downside would usher in supports at 1.0125, 1.0100, and finally 1.0045.
