Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/CAD hits 9-month low, scope for further downside

• EUR/CAD declined to hit 9-month low on Friday  after data showed Euro zone services activity contracted in November. 

• Data showed ,in November, HCOB's preliminary composite euro zone Purchasing Managers' Index (compiled by S&P Global) reached a 10-month low of 48.1.

• The manufacturing PMI index dropped to 45.2 from 46.0, despite predictions of no change

• At GMT 08:08,the euro was last down  0.59% at 1.4552 against Canadian dollar 

• Technical signals are bearish as RSI is heading down  at 23, daily momentum studies  5, 9 and 1 DMAs are trending down.
 
•  Immediate resistance is located at 1.4586(38.2%fib), any close above will push the pair towards 1.4663 (50%fib).

• Support is seen at 14496 (23.6%fib) and break below could take the pair towards 14400 (Psychological level).

Recommendation: Good to sell  around 1.4560 , with stop loss of 1.4650  and target price of 1.4490
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.