The past week on the EURCAD has seen price move very slowly with not too much happening. Price is sitting underneath resistance and is also struggling to move lower.
Price formed a 2 Bar Reversal last week which indicated lower prices may be on the horizon. Since then price has also formed a bearish Pin Bar, but still price is struggling to move lower.
Whilst these 2 beearish price action signals are hinting at price moving lower, we will need to see price make a hard break out below the range support it is sitting on now. If this support holds price may take out resistance and make a new up-trend.
EURCAD DAILY CHART – SEP 5 2012
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