EUR/CAD intraday: the upside prevails as long as 1.4635 is support
1.4635 is our pivot point.
Comment:
the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 1.4648 and 1.4609).
Alternative scenario:
the downside breakout of 1.4635 would call for 1.4584 and 1.4553.
Our preference:
the upside prevails as long as 1.4635 is support.
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