- EURCAD starts week trading at R3 Resistance
- Range targets sit at 1.4485, S3 pivot support
The EURCAD has begun the week, trading near short term R3 resistance.
With price failing to break out in early morning trading, range traders
will look to take advantage of prices continuing to reverse back into
the defined trading range pictured above. Currently range resistance is
holding at 1.4532 as marked by the R3 pivot point. With price below this
value, range traders can consider new sell entries in the event of an
early morning price reversal. Range support currently stands at the S3
camarilla pivot which can act as potential range targets near 1.4485.
A move beyond R4 resistance at 1.4555 would signal a short
term move towards higher highs, and denote an increase in volatility as
well as a change in market conditions. At this point, range trading
should be concluded and traders can consider entries with the markets
new influenced direction. Likewise, a break below S4 support at 1.4464
would signal a creation of a new daily low and signal potential further
declines.
