Breaking news
- EUR/CAD fell 0.19% on Thursday, hitting 1.4700, the lowest since July 1st.
- With indicators in deeply oversold territory, the EUR/CAD may well presumably consolidate to the upside, however the total outlook remains unfavorable.
The EUR/CAD declined by 0.19% to 1.4700 in Thursday’s session, reaching its lowest stage since July 1st. The forex pair has been falling gradually since then, amid increasing promoting stress as indicated by the Relative Energy Index (RSI) and the Transferring Common Convergence Divergence (MACD). The total momentum appears to be like to be bearish, with the pair seemingly to continue its downward pattern within the advance time duration, as per our earlier technical diagnosis.
The technical indicators for the EUR/CAD pair point out that the downtrend is seemingly to continue. The RSI is at 27, indicating oversold prerequisites, and is sloping down, suggesting that promoting stress is rising. The MACD will seemingly be suggesting that promoting stress is rising, as the histogram is pink and rising. The total outlook for the EUR/CAD is bearish, and the pair is seemingly to continue its decline within the advance time duration but an upwards correction shouldn’t be taken off the table.
Whereas deeply oversold prerequisites may well presumably also lead to momentary consolidation, the outlook remains unfavorable. Indicators equivalent to the RSI and MACD point out persevered promoting stress, and the pair is seemingly to decline extra.
Breaking news EUR/CAD everyday chart
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