Technical analysis EURCAD for 01.06.2022

The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.3540. The closest resistance is the level 1.3587

Key levels

• 1.3786, 1.3695, 1.3635, 1.3587, 1.3540, 1.3482, 1.3390

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.3540, with Take Profit of 1.3482 and Stop Loss of 1.3587

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.3587, with Take Profit of 1.3635 and Stop Loss of 1.3540