EUR/CAD Rebound Keeps RSI Out of Oversold Territory
The recent decline in EUR/CAD seems to have stalled ahead of the February low (1.4239) as it trades in a narrow range, with the Relative Strength Index (RSI) reflecting a similar dynamic amid the failed attempt to push below 30.
EUR/CAD Rate Outlook
EUR/CAD consolidates after registering a fresh monthly low (1.4283) during the first full week of June, and the bearish momentum may continue to abate as the RSI bounces back ahead of oversold territory.
EUR/CAD may attempt to retrace the decline from the monthly high (1.4540) as it trades back above 1.4360 (38.2% Fibonacci extension), with a break/close above the 1.4600 (38.2% Fibonacci retracement) to 1.4640 (23.6% Fibonacci extension) region bringing the 50-Day SMA (1.4675) back on the radar.
However, EUR/CAD may track the negative slope in the moving average if it continues to hold below the 1.4600 (38.2% Fibonacci retracement) to 1.4640 (23.6% Fibonacci extension) region, with a move below the February low (1.4239) opening up the January low (1.4235).
--- Written by David Song, Strategist
EUR/CAD Rate Outlook
EUR/CAD consolidates after registering a fresh monthly low (1.4283) during the first full week of June, and the bearish momentum may continue to abate as the RSI bounces back ahead of oversold territory.
EUR/CAD may attempt to retrace the decline from the monthly high (1.4540) as it trades back above 1.4360 (38.2% Fibonacci extension), with a break/close above the 1.4600 (38.2% Fibonacci retracement) to 1.4640 (23.6% Fibonacci extension) region bringing the 50-Day SMA (1.4675) back on the radar.
However, EUR/CAD may track the negative slope in the moving average if it continues to hold below the 1.4600 (38.2% Fibonacci retracement) to 1.4640 (23.6% Fibonacci extension) region, with a move below the February low (1.4239) opening up the January low (1.4235).
--- Written by David Song, Strategist
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