EUR/CAD is under pressure

EUR/CAD is under pressure

Trade idea

SELL 1.4715; TP 1.4600; SL 1.4745

EUR/CAD has tried to return above the previous support and now resistance line connecting the lows of 2015 and 2017. However, last week the euro failed to close above this area and the 200-week MA (1.4868). This week, another attempt of bulls to test this level failed. On D1, all the key MAs - the 200-, 100- and 50-day moving averages are above the current price keeping it under pressure. On H4, there’s a series of lower highs: each time buyers tried to push the price higher, they failed earlier than before. There are still support levels at 1.4750 and 1.4725, so conservative traders will be sure of a top when the pair slides below 1.4720. The target will be at 1.4600. On the upside, a close above 1.4860 is needed to open the way up to 1.4920 (100-day MA). 

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