EUR, has lost an important support level
As the conflict between Ukraine and Russia intensifies and the probability of involving Eurozone in the conflict is increasing, EUR is getting weaker against CAD. Recently, after losing an important support level, EUR/CAD is probable to to continue descending trend strongly.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
On EUR/CAD price chart, the price is on 1.39939 at the moment. The support zone below the price line which has been shown as a yellow box is broken. This zone was of high importance for this pair as it had been able to pump the price several times in the past and also there is no strong support zone close to this one at the moment. RSI is almost 29 and RSI is showing a very strong bearish wave. Traders can wait for the price line to have a retest of the broken support level and then they can enter short positions. The targets for the bearish wave could set considered on 1.385 and 1.3025 .
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.