Technical analysis EURCAD for 04.01.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. 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 1.4315. The closest resistance is the level 1.4380

Key levels

• 1.4645, 1.4545, 1.4480, 1.4425, 1.4380, 1.4315, 1.4265, 1.4210

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 1.4380, with Take Profit of 1.4315 and Stop Loss of 1.4425

Alternative scenario

• Recommended opening long positions (Buy Limit) from the level of 1.4265, with Take Profit of 1.4380 and Stop Loss of 1.4210