General overview for 26/06/2014 08:00 CET
The intraday resistance level has been rejected by the market at the level of 1.0751 and the bullish zone has not been tested yet. After the reverse, the price went down to the very bottom of the neutral range zone and now is trying to break out below the intraday support at the level of 1.0716. In case the breakout is sustained, the next support is at the level of 1.0687, but the building bullish divergence on the hourly chart is indicating that the downside momentum is decreasing and some upside reaction is expected soon.
Support/Resistance:
1.0687 - WS1
1.0716 - Intraday Support
1.0715 - Technical Support
1.0752 - Intraday Resistance
1.0790 - Weekly Pivot
1.0804 - Technical Resistance
Trading recommendations:
The intraday resistance level has not been broken yesterday, so the buy stop positions recommended yesterday should not be open and traders should wait for the price to get to this level to open this orders. More aggressive traders might start to open some short orders from the current price levels with TP at the level of 1.0687 and SL above the level of 1.0725. Please bear in mind that the overall bias is more bullish than bearish however.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of USD/CAD for June 26, 2014 . Thanks for your support on Technical analysis of USD/CAD for June 26, 2014
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