Once again considering the weakness of the dollar this past days, being confirmed by the existing correlation between (USD/CAD Vs. EUR/USD), there´s a short opportunity on the table. The RSI shows a fair price range and combined with the ADX indicator which proves the trend, Di- above the Di+ and also seeing the ADX line bellow 40 (Not giving us a trend change)...
The Up going trend continues raising since Apr-17. The EUR maintains its strength even with the potential risks EU are facing, the Fib Retracement and the Stochastic RSI confirms my thoughts showing a fair price of the currency not getting overbought by the market and maintaining its trend. ¡Taking the chance!
The existing correlation between EUR/USD and USD/CAD (very close to -1) and having into consideration the previous idea which showns the up going trend of the EUR/USD, gives us clear signs of the downgoing trend of the USD/CAD being confirmed by the indicators.
Due to the terrorist attack this past weekend the up going trend is shown in the graph, however the market will eventually stabilize.
According to the Markets indicators and Self analysis, this is an up going trend