Forex: EUR/CAD: Pin set to print at key resistance
Forex pairs in this Article » EUR/CAD
FXstreet.com (San Francisco) - Intraday price action set a four-month high for EURCAD today, extending as high as 1.2455 before pullback to opening levels, last quoted in the 1.2410 zone ahead of the closing bell. If price manages to close Noram at current levels, a Pin bar will print in the daily timeframe - an event that often forms at market highs and lows. Worthy of note, the 55-day EMA (1.2435) has helped attract offers, as has the Fibonacci resistance level at 1.2450 (38.2%, 1.2977/1.2126). A look at the Daily chart depicts a bearish trend bias, with RSI last valued at 55.