{"id":59104,"date":"2014-08-21T15:03:03","date_gmt":"2014-08-21T19:03:03","guid":{"rendered":"http:\/\/countingpips.com\/?p=59104"},"modified":"2014-08-21T18:51:41","modified_gmt":"2014-08-21T22:51:41","slug":"eurcad-consolidates-breakout-imminent","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/08\/eurcad-consolidates-breakout-imminent\/","title":{"rendered":"EUR\/CAD Consolidates, Breakout Imminent"},"content":{"rendered":"<div id=\"inves-3045297343\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 21, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <strong>Neutral<\/strong><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Flash Manufacturing PMI and Flash Services PMI showed slowing growth in the Euro zone;<\/li>\n<li>Canadian Dollar maintains a bullish bias across the board;<\/li>\n<li>Traders have bullish expectations from Canada Core CPI and Core Retail Sales, due to be released Friday morning.<\/li>\n<\/ul>\n<p><em>EUR\/CAD has been trending lower in recent weeks, respecting a bearish configuration of Lower Highs and Lower Lows. The pair is expected to break outside a 3-day consolidation stronghold tomorrow, with breakout direction setting the tone for next week as well.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/08\/EURCAD-21st-August.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5899\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/08\/EURCAD-21st-August.png\" alt=\"EURCAD 21st August\" width=\"700\" height=\"340\" \/><\/a><\/p>\n<p>EUR\/CAD has settled down after correcting approximately 61.8% on the bullish swing starting at 1.4416 up to 1.4733, adopting what can only be described as a strong range personality for the entire week. Movements have slowed down to such an extent that we are seeing a second Inside Bar forming on the Daily chart.<\/p>\n<p>Location wise, this recent consolidation has formed on top of a critical support cluster. 1.4555 was a well respected price pivot zone, tangling with the 200 Simple Moving Average on the 4H timeframe. Just a few pips lower, at 1.4537, the 61.8% Fibonacci retracement remained respected so far \u2013 at least by daily bar closes. EUR\/CAD engulfs the entire support cluster within the current range between 1.4525 and 1.4580\/90.<\/p><div id=\"inves-1525913980\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>If we take oversold Stochastic into consideration and factor in a complete 61.8% Fibonacci retracement, a bullish scenario cannot be excluded while 1.4525 holds ground. CAD would have to disappoint on Friday in order to allow for a bullish bounce. A rally above 1.4590 will confirm this view and pave the way to 1.4670 and 1.4733 next week.<\/p>\n<p>Failure to hold above 1.4525 will invalidate any bullish scenarios. Traders will immediately resume the sell-off, aiming to re-test the main price pivot zone between 1.4408 and 1.4440. Losses should be limited in this area for the foreseeable future.<\/p>\n<p>*********<br \/>\nPrepared by Alex Z., Chief Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\/\">Capital Trust Markets<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Neutral Key Takeaways Flash Manufacturing PMI and Flash Services PMI showed slowing growth in the Euro zone; Canadian Dollar maintains a bullish bias across the board; Traders have bullish expectations from Canada Core CPI and Core Retail Sales, due to be released Friday morning. EUR\/CAD has been trending lower in recent weeks, respecting [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-59104","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/59104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=59104"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/59104\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=59104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=59104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=59104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}