Monday, August 1, 2011

EUR/CAD Intraday Technical Analysis - August 1, 2011



The pair is in a long-term downtrend since June 2011.

The price is now testing the downtrend line and the Fibonacci Cluster 38.2% and 50% of the marked swings.




Area 1.3775 - 1.3800 constitutes a good resistance area which is:
1. The upper limit of the bullish channel.
2. Fibonatcci cluster 38.2%, 50% of the marked swings.
3. Previous swing lows broken and working as resistance now.
SL should be daily closure above the downtrend line.
TP will be at 1.3710, 1.3610, 1.3560 then 1.3437.

Performed by Mohamed Samy, Analytical expert
InstaForex Companies Group © 2007-2011