EUR/CAD: 4-hour
Confluence, baby! A bunch of technical signals are lining up for a potential bounce by EUR/CAD from its rising trend line on the 4-hour forex time frame. This support area lines up with the 200 SMA, the 61.8% Fibonacci retracement level and a former resistance zone. The short-term 100 SMA is still moving above the 200 SMA anyway, which means that the uptrend might stay intact. Stochastic is pointing down but is nearing the oversold region, which might draw buyers back in. If you’re looking for more confirmation, wait for reversal candlesticks to form at the trend line or the 1.3700 handle before going long.
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