Market NewsTechnical Analysis

EUR/CAD: Bear Makes Correction; Bull Waits to Find its Ground

  • EUR/CAD has been bullish on the H4 chart.
  • The price may make a bearish correction.
  • The H1 chart may get bearish below 1.44270.
  • Intraday minor charts seem to be getting bearish.
EUR/CAD H4 Chart
EUR/CAD H4 Chart

EUR/CAD- Technical Analysis-H4 Chart

The chart shows that the price has been up trending by obeying a bullish trend line. At the last bounce, it produced a bullish engulfing candle and headed towards the North. It then consolidated for a while, and produced a bullish engulfing candle. However, the pair has not been bullish as expected. The buyers may wait for the price to produce a bullish reversal pattern at the trendline’s support to go long again. If that happens, the price may find its next resistance around 1.45380.

On the downside, if the pair makes a bearish breakout at the trendline, the price may consolidate within the trend line’s resistance and the SMA 30’s support. A breakout at the SMA 30 may generate bearish momentum and take price towards the last swing low at 1.41500.

EUR/CAD H1 Chart
EUR/CAD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that it made a long bullish move. On its way, it made a significant bullish breakout at 1.43940. The price has been consolidating for a while. It has had its second rejection. Thus, intraday minor charts’ traders may look to go short in the pair and drive the price towards the South. The buyers may wait for the price to produce a bullish reversal pattern at the flipped support at 1.43940. Upon having a strong bullish signal, the buyers may push the price towards the upside. It may find its resistance around 1.45000.

Both charts look bullish. However, the buyers must wait for the price to find its support. Strong bullish signal at the value areas may attract the buyers to push the price towards the North again.

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

Contact and follow Tareq on Twitter: @tareqfpn

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