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Tuesday, August 27, 2013

EUR/CAD TECHNICAL ARTICLE ON AUGUST 27




EUR/CAD is one of the significant pairs in the forex market. From the opening of this week, it has shown the downtrend, especially after achieving its two year high of 1.41249. 

So, it is very easy for the traders to predict the trend. On today, the market has opened at the point 1.40477 and noted by its uptrend to gain around 40 pips. 

All of a sudden, the trend reversal has occurred due to the news intervention and gained more than 50 pips. The trend will stick with this short to gain more sum of pips. 

We can predict this trend as a long term trend by the bounce back occurred on the great resistance of 1.41249. The sudden reversal continues the same trend to be gradual and will find a great support in the near future. 

Moreover, the EMA gives more support to this trend and a possibility to grab 30+ pips for today alone.

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