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EUR/CAD - Euro Canadian Dollar, European Session - 19/11/08

19 Nov, 2008 @ 12:07 am ET | written by Mataf


1,5633. EUR CAD is in an uptrend supported by 1H exponential moving averages. EUR CAD is in a consolidation after the last bullish movement. Bollinger bands are flat. ForexTrend 1H (Mataf Trend Indicator) is in a bullish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bullish pressure on EUR CAD. The price should find a resistance below 1,5660 (27 pips). If the resistance is broken then the target will be 1,6200 (567 pips).
We are waiting for a break of the resistance to take a long position.
Resistances
1,5660 - 1,5705
Supports
1,5525 - 1,5425

For more forex information, go to www.mataf.net

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