EURCAD 4H Chart: Breached resistance cluster
The common European currency has been trading in an ascending channel against the Canadian Dollar after it hit the lower boundary of a three-month junior channel.
The currency pair has breached a resistance cluster set by the combination of the weekly, the monthly PPs and the 100-hour simple moving average near 1.5961.
The overall market sentiment is bullish and it is likely to continue for the following trading sessions until it breaches the upper boundary of a dominant channel. In addition, Technical indicators suggest that the bears could continue to grow stronger through the following week.
The currency pair has breached a resistance cluster set by the combination of the weekly, the monthly PPs and the 100-hour simple moving average near 1.5961.
The overall market sentiment is bullish and it is likely to continue for the following trading sessions until it breaches the upper boundary of a dominant channel. In addition, Technical indicators suggest that the bears could continue to grow stronger through the following week.