FXGLORY
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Technical analysis of EUR/CAD dated 26.10.2012
EUR/CAD during its ascend has reached to the descending trend line which is made of fourth resistance point and has been stopped from more ascend. As it is specified in weekly time frame of this currency pair, the price has been stopped by reaching to descending trend line and had a small downfall. Stoch indicator is in saturation sell area in weekly time frame and warns the possibility of descend according to the next cycle.
The first important warning for ascending in weekly time frame is closing of ascending candle on descending trend line. In daily time frame, the price is in an ascending channel and by reaching to the resistance edge of channel faced with a downfall and decrease. The top price of 1.30091 is fixed by the descending candle in 23th day and the price descends a little. The first important supportive level in front of the price is the conversion level which is specified in the price chart that had stopped the downfall of price twice. Generally until the top price of 1.30091 is preserved, the price has the potential for descend in this currency pair.
FxGlory
2012.10.26
EUR/CAD during its ascend has reached to the descending trend line which is made of fourth resistance point and has been stopped from more ascend. As it is specified in weekly time frame of this currency pair, the price has been stopped by reaching to descending trend line and had a small downfall. Stoch indicator is in saturation sell area in weekly time frame and warns the possibility of descend according to the next cycle.
The first important warning for ascending in weekly time frame is closing of ascending candle on descending trend line. In daily time frame, the price is in an ascending channel and by reaching to the resistance edge of channel faced with a downfall and decrease. The top price of 1.30091 is fixed by the descending candle in 23th day and the price descends a little. The first important supportive level in front of the price is the conversion level which is specified in the price chart that had stopped the downfall of price twice. Generally until the top price of 1.30091 is preserved, the price has the potential for descend in this currency pair.
FxGlory
2012.10.26