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USDCAD rallies on weaker oil; extended correction eyes 20SMA pivot

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EURUSD The Euro formed hourly higher base at 1.1075, on double downside rejection, which so far holds and marks initial support. The support is reinforced by daily 30SMA, where two-day pullback off 1.1217 peak, found temporary support. This guards layers of strong supports that lay just below and could trigger further easing, if violated. Structure of daily studies is firmly bearish, but reversing Slow Stochastic from overbought zone, warns of possible extended correction. Fibonacci 38.2% of

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