Market NewsTechnical Analysis

EUR/CAD: A Trend Line is in Play on the H4 Chart, Buyers Wait

  • EUR/CAD has been heading towards the North by obeying a trend line.
  • The pair has been having a bearish correction.
  • The H1 chart looks good for the bear; it may make a good bearish move.
  • Intraday minor charts have been bearish.
EUR/CAD H4 chart
EUR/CAD H4 chart

EUR/CAD- Technical Analysis- H4 chart

The chart shows that the price has been heading towards the North by obeying a trend line. At the last bounce, it consolidated and produced a bullish engulfing candle. Upon having another consolidation, it headed towards the North with good momentum. As of writing, the price has been having a bearish correction. The buyers may wait for the price to find its support before going long in the pair. There are some key horizontal level that may work as a flipped support. A bullish reversal pattern at the value areas may push the price towards 1.48750.

On the contrary, the sellers may have to wait long here to find short opportunities. Unless, the chart makes a bearish breakout at the trend line, the pair may not offer short entries with lucrative risk-reward.

EUR/CAD H1 chart
EUR/CAD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending for a long time. At the last move, the price made a significant breakout and traded above the level for quite a while. It has been having a bearish correction. It may move up to the level of 1.47300. The buyers are to keep their eyes on the price action around that level. A bullish price action may push the price towards the last swing high.

On the contrary, a bearish breakout at the level may attract the sellers to look for short opportunities.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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