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FX.co ★ EUR/CAD Long Term Technical Analysis (Bearish View) August 16, 2011

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Forex Analysis:::2011-08-16T07:36:49

EUR/CAD Long Term Technical Analysis (Bearish View) August 16, 2011

EUR/CAD Long Term Technical Analysis (Bearish View) August 16, 2011

The EUR/CAD currency pair is now testing the resistance level 1.4150-1.4240.

We can notice the strong bearish reaction of the price everytime the pair visits this resistance area.

We can also notice the bearish reaction of the pair this time manifested in the bearish candlesticks marked on the chart.
Yesterday's Daily candlestick came bearish with Long upper tail.

EUR/CAD Long Term Technical Analysis (Bearish View) August 16, 2011

On the 4H timeframe the pair is trapped inside a congestion area now testing its upper limit.

Bearish reaction is present at this resistance area manifested in the inverted hummer marked on the chart.

TP will be at 1.4010, 1.3940 then 1.3875 & SL 4H closure above 1.4235.

Analyst InstaForex
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