The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
EUR/CAD has reached the top of the range
Information is not investment advice
EUR/CAD strengthened last week but ran into the resistance of the 100-day MA around 1.4675. It’s where the upper part of the range, within which it has been trading since the start of September, is. On the D1, the pair touched the upper Bollinger Band. With the Stochastic Oscillator trying to exit the overbought area and cross the signal line to the downside, the odds that the price will move down, at least to the middle of the range, are high. The trigger to sell may be on the decline below 1.4640 (Oct. 31 low). The target for selling lies at 1.4590 (50-day MA).
On the upside, a break above 1.4720 (Oct. 31 high) is needed to open the way up to 1.4860 (200-day MA).
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