EUR CAD Struggles as 200-Day SMA Becomes a Barrier
The EUR CAD cross is struggling to maintain its momentum at the start of a new week. After attempting to recover from the 1.4770 area, the pair has met fresh selling pressure. Currently trading around the 1.4850 1.4845 region, the spot prices reflect a decline of over 0.25% for the day. The failure to surpass the 200-day simple moving average (SMA) has raised concerns among traders, favoring bearish sentiment. As this situation develops, observing market dynamics will be crucial for identifying potential reversal points. Understanding these shifts can help traders build effective strategies moving forward.
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