ยูโร / ดอลลาร์แคนนาดาเพิ่มขึ้น
EURCAD Analysis
From a weekly perspective the pair made an impulsive move to the up side and its now in a correction of that impulsive move. On the Correction we can see LL and LH indication a nice downwards movement as we would expect after an impulsive move. The price was moving in a channel which we use as our support and resistance till we reach a support zone at 1.5000. This is a very strong support since we can also see the price reacting from this zone even from a monthly point of view.
Looking at our COT data on the pair, from the EUR side we can see that we are sitting at 174,412 long and 93,172 short with -6,640 new shorts, from this we can tell that the price of EUR is now deemed reasonable by institutions hence the price will gain on the EUR. From the CAD side we have 19,774 longs and 52,912 short, we have more shorts than longs telling us that pair is losing value. Overall with the EUR gaining and the CAD losing, we now require more CAD to buy 1 EUR, that combined with the fact that the price cant seem to be able to break the 1.5000 zone that has been support for months !!!
Looking at our COT data on the pair, from the EUR side we can see that we are sitting at 174,412 long and 93,172 short with -6,640 new shorts, from this we can tell that the price of EUR is now deemed reasonable by institutions hence the price will gain on the EUR. From the CAD side we have 19,774 longs and 52,912 short, we have more shorts than longs telling us that pair is losing value. Overall with the EUR gaining and the CAD losing, we now require more CAD to buy 1 EUR, that combined with the fact that the price cant seem to be able to break the 1.5000 zone that has been support for months !!!
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