EUR/CAD - Euro Canadian Dollar, American Session - 07/01/09

 @ibtimes on January 07 2009 5:28 AM

1,6120. EUR CAD is in an downtrend directed by 1H exponential moving averages. EUR CAD is in a consolidation after the last bearish movement. The volatility is low. Bollinger bands are flat. ForexTrend 4H (Mataf Trend Indicator) is in a bearish configuration. The consolidation should continue. The price should find a resistance below 1,6260 (140 pips). We won't take a position. The risk/reward ratio is too high to take a position..

Resistances
1,6150 - 1,6260
Supports
1,5950 - 1,5760

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