Last week we highlighted the NZDCAD which had the potential to rally. Today, we will highlight the EURCAD which is sitting on weekly trend line support.
The EURUSD is quietly consolidating above the 200dma as price action continues to compress into a pennant.
The EURUSD has closed above the 200dma and also the 35% Fibonacci retracement of the Sept 2018 highs to April 2019 lows.
The EURAUD reversal from new trend highs is pretty spectacular.
The EURJPY tested major resistance ahead of the ECB meeting. When a pair hits a level so many times, we often refer to that level the “bull/bear” line.
The EURUSD is at risk of a double bottom being formed since the 1.1110 level held as support once again.
Alongside the bear flag competing when the pair traded below the 123.00 level a pin bar was posted which could signal a near term bounce in the pair.
The EURUSD has developed a triangle consolidation despite the AB=CD pattern pointing lower. Obviously, the risk moving forward is the China/US trade deal in the coming days.