Market NewsTechnical Analysis

EUR/CAD: Bull Finds a Fence

USD/CAD bullish
  • EUR/CAD has been bullish on the H4 chart.
  • The SMA 30 has been working as a support.
  • The H1 chart is having a bearish correction to find its support.
  • Intraday minor charts are bearish.
EUR/CAD H4 Chart
EUR/CAD H4 Chart

EUR/CAD- Technical Analysis- H4 Chart

The chart shows that the price made a long bullish move on the H4 chart. The simple moving average 30 has been working as a support. As of writing, the pair is on consolidation. A bullish reversal signal at the value area may attract the buyers again to push the price towards the North. The pair may find its next resistance around 1.47600.

On the other side, the level of 1.47200, where the price had its last rejection, has been a pivotal level. Thus, if it ends up a strong bearish reversal pattern such as a double top and ends up making a breakout at the SMA 30’s support, the sellers may get themselves engaged to go short in the pair. In that case, the pair may find its support around 1.45850.

EUR/CAD H1 Chart
EUR/CAD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a trend line. It had multiple bounces at the trendline’s support. At the last bounce, it consolidated and headed towards the North with good momentum. As of writing, the price has been on a bearish correction. The buyers may wait for the price to produce a bullish reversal pattern at the support to go long in the pair. The price may find its resistance at the swing high.

On the downside, a bearish breakout at the trend line may offer short entries to the sellers. The level of 1.46300 may work as a level of support then.

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

Contact and follow Tareq on Twitter: @tareqfpn

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