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EUR/CAD Daily Price Action Analysis - ranging bearish with Fibo resistance level at 1.5026

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by , 04-28-2016 at 07:45 PM (582 Views)
      
   
D1 price is located below 200-day SMA and 100-day SMA for the primary bearish market condition. The price is on ranging within the following key support/resistance levels:

  • Fibo support level at 1.4189 located below 100 SMA/200 SMA in the bearish area of the chart, and
  • Fibo resistance level at 1.5026 located above 200 SMA in the beginning of the bullish area.

RSI indicator is estimating the ranging bearish market condition in the near future.

If the price will break Fibo support level at 1.4189 so the primary bearish trend will be continuing with 1.4043 as the nearest bearish target.
If the price will break Fibo resistance level at 1.5026 from below to above so the reversal of the price movement from the primary bearish to the primary bullish market condition will be started.
If not so
the price will be ranging within the levels.

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  • Recommendation for long: watch close H4 price to break 1.5026 for possible buy trade
  • Recommendation to go short: watch H4 price to break 1.4189 support level for possible sell trade
  • Trading Summary: bearish

SUMMARY : bearish

TREND : ranging

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