Market NewsTechnical Analysis

EUR/CAD: Be Patient, Wait for the Breakout

  • EUR/CAD has been choppy within the SMA 30’s resistance and a horizontal level.
  • Traders are to be patient to find its next direction.
  • The H1 chart has been choppy trading around yesterday’s low.
  • Intraday minor charts are yet to find their direction.
EUR/CAD H4 Chart
EUR/CAD H4 Chart

EUR/CAD- Technical Analysis- H4 Chart

The chart shows that the pair gets caught within the horizontal level 1.45000 and the simple moving average 30. The price had several bounces at the support level. Traders are to be patient to find its direction. A bearish breakout at the support level may drive the price towards the downside. The price may find its next support around 1.43350.

On the contrary, if the price breaches the SMA 30, the buyers may take over and push the price towards the North. If that happens, the bull may dominate in the pair for quite a while. It may find its resistance around 1.46250. Most probably, it may continue its bullish move and head towards the swing high later on.

EUR/CAD H1 Chart
EUR/CAD H1 Chart

Price Action Analysis- H1 Chart

The H1 chart tells a very similar story. On this chart, the price gets caught within a horizontal channel between 1.45700-1.45000. As of writing, the pair trades around the support level. Thus, it may make intraday traders be interested to push the price towards the upside. A breakout above the level of 1.45700 may make it more bullish. The price may find its resistance around 1.46300.

On the downside, if the price breaches the support level, the sellers will be keen to go short and drive it towards the downside. The price may find its next support around 1.44300.

Considering both charts, traders are to be patient here to find its next route. In fact, it may take some time to make the next breakout. One thing for sure, the next breakout is going to be very crucial to move the pair for some days.

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

Contact and follow Tareq on Twitter: @tareqfpn

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