Last Candlesticks pattern Time of formation Trend bias
Weekly Doji star 6 July 2009 Down
Daily Doji star 26 Jan 2010 Down

Although the single currency continued to fall according to our expectation in the previous update and met our indicated downside target at 1.4000, as the Tenkan-Sen has just started to turn sideways, suggesting recent selloff is likely to slow down and further sharp fall below 1.3800 may not be repeated and reckon 1.3773 (100% projection of 1.7509 to 1.5186 measuring from 1.6096) would hold and bring rebound later.

On the upside, it is expected to see recovery to 1.4100 and possibly towards 1.4300, however, only a weekly close above the Tenkan-Sen (now at 1.4496) would suggest a temporary low is in place and bring retracement of recent decline to 1.4650 and later towards 1.4800 but price should falter well below the Kijun-Sen (now at 1.4999) and bring another decline later.

Based on ActionForex.com Technical Outlook


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EUR/CAD Candlesticks and Ichimoku Analysis

Posted on 03.10.10 to Daily Forex Forecast. Tags: . Subscribe to follow comments on this post. You can skip to the end and leave a response. Pinging is currently not allowed.

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