The euro has lost its value in the past week after achieving its two year high of 1.41224. This has led the market towards downward and gained around 280 pips.
As the trend shows the “sell” market, the moving average insists the “buy” market obviously. Besides, there are some other indicators implies the same thing in this market.
Already, the CAD has gained the substantial pips and ready to sail in the opposite trend. So, today will be the end of the oversold condition as of the indicators determination.
The two year high will be a greater resistance and we could hope the trend to attain by the high impact news releases. The contribution of sequential news releases will give additional support to achieve the best resistance.
The traders could expect a tremendous pips of 100+ and this impact will be forced to achieve its future resistance.