FX Reversals: EURCAD Resistance Update

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Talking Points

  • EURCAD starts week trading at R3 Resistance
  • Range targets sit at 1.4485, S3 pivot support
  • A move above 1.4555, R4 would signal a breakout on a higher high

EURCAD 30min Chart

FX Reversals: EURCAD Resistance Update

(Created using FXCM’s Marketscope 2.0 charts)

The EURCAD has begun the week, trading near short term R3 resistance. With price failing to break out in early morning trading, range traders will look to take advantage of prices continuing to reverse back into the defined trading range pictured above. Currently range resistance is holding at 1.4532 as marked by the R3 pivot point. With price below this value, range traders can consider new sell entries in the event of an early morning price reversal. Range support currently stands at the S3 camarilla pivot which can act as potential range targets near 1.4485.

Range traders should be cautioned of a breakout above the R4 camarilla pivot point. A move beyond R4 resistance at 1.4555 would signal a short term move towards higher highs, and denote an increase in volatility as well as a change in market conditions. At this point, range trading should be concluded and traders can consider entries with the markets new influenced direction. Likewise, a break below S4 support at 1.4464 would signal a creation of a new daily low and signal potential further declines.

FX Reversals: EURCAD Resistance Update

Are you unfamiliar with camarilla pivots and trading intraday market reversals? Increase your trading education with DailyFX! You can continue learning and work on your trading education HERE.

Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your scalping techniques while tracking the market in real time.

Click HERE to Register Now

Previous Market Setups:

FX Reversals: USDJPY Resistance Update

FX Reversals: EURCAD Reaches Intraday Resistance

FX Reversals: NZDJPY Intraday Resistance

You May Also Like

Related Forex Analysis
  1. Latest Promise of Easing from ECB Keeps Euro Rebound at Bay
    Forex News

    Latest Promise of Easing from ECB Keeps Euro Rebound at Bay

  2. Euro’s Obstacles Starting to Wane but Reprieve Likely Temporary
    Forex News

    Euro’s Obstacles Starting to Wane but Reprieve Likely Temporary

  3. Hints of Future Easing Keep Euro Pinned Lower, for Now
    Forex News

    Hints of Future Easing Keep Euro Pinned Lower, for Now

  4. No QE This Week from ECB, but Prospect of Easing Haunts Euro
    Forex News

    No QE This Week from ECB, but Prospect of Easing Haunts Euro

  5. Short-term Euro Rebound Due as Data Improves, Stress Tests Pass
    Forex News

    Short-term Euro Rebound Due as Data Improves, Stress Tests Pass

Trading Center