EUR/CAD has reached the top of the range

FBS Team FBS

EUR/CAD strengthened last week but ran into the resistance of the 100-day MA around 1.4675. It’s where the upper part of the range, within which it has been trading since the start of September, is. On the D1, the pair touched the upper Bollinger Band. With the Stochastic Oscillator trying to exit the overbought area and cross the signal line to the downside, the odds that the price will move down, at least to the middle of the range, are high. The trigger to sell may be on the decline below 1.4640 (Oct. 31 low). The target for selling lies at 1.4590 (50-day MA).

On the upside, a break above 1.4720 (Oct. 31 high) is needed to open the way up to 1.4860 (200-day MA).

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FBS Team

FBS

FBS team is a group of professional analysts focused on Forex, stock, and commodity markets. Each expert possesses a years-long experience in fundamental and technical analysis.

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