- EUR/CAD has been bearish on the H4 chart.
- The Simple Moving Average 30 has been its resistance.
- The H1 chart looks extremely bearish.
- Intraday minor charts may make some bullish corrections.
EUR/CAD- Technical Analysis-H4 Chart
The H4 chart shows that the pair has been having a unyielding bearish trend on the H4 chart. The Simple Moving Average 30 has been working as its resistance. A bearish trend line is evident as well. Thus, the sellers may keep their eyes on the pair to go short from value areas. The major chart such as the daily chart shows that the price may consolidate around 1.43000. A breakout below that level may generate more bearish momentum in the pair.
On the upside, the pair does not look good at all for the buyers as things stand with it as of writing. The buyers must wait for the price to produce a strong bullish reversal pattern followed by a breakout at the SMA 30 and the bearish trend line. This obviously is going to take time.
Price Action Analysis- H1 Chart
The chart shows that the bear is heading towards the South with extreme momentum. On its way, it made a breakout at 1.45100. There has not been no stopping since then. The sellers may wait for the price to consolidate and produce a bearish reversal pattern at the value area to add more short positions.
At the moment, the H1 chart would not attract more sellers to add positions. However, minor intraday charts may consolidate every now and then. This would attract sellers on the minor charts to go short. In a nutshell, this is a pair which is going to be dominated by the sellers for a while.
The H4 and the H1 chart look extremely good for the sellers. As long as they get the zone to set their stop loss, they would only add short positions in this pair.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn