- EUR/CAD made a bullish move upon finding its support at the SMA 30 on the H4 chart.
- The pair has found its resistance around 1.46800.
- The H1 chart has been having a bearish correction.
- Intraday minor charts have been bearish.
EUR/CAD- Technical Analysis- H4 Chart
The chart shows that the price has found its support at 1.46230 and produced a bullish engulfing candle. However, it has found its resistance around 1.46800. The price may consolidate at this level for a while. A breakout above the level may push the price towards the North. The price may find its next resistance around 1.47500. Since the simple moving average 30 has been working as a support too, so the bull may end up making a breakout here.
However, if the level of resistance produces a bearish reversal signal, the sellers may look to go short in the pair below the moving average 30. In that case, the price may find its support again at 1.45500.
Price Action Analysis- H1 Chart
The chart shows that the price consolidated around 1.46820 for a while. Then, it produced a bearish candle followed by another one. These two candles have set a bearish tone. The sellers may look to go short in the pair from the value areas. The price may find its next support around 1.46200.
However, if the price breaches the horizontal resistance, the buyers may push the price towards the North. In that case, the price may find its resistance around 1.47000.
The H4 chart looks good for the buyers. The price action suggests that it may end up making a bullish breakout at the resistance. On the other hand, the H1 chart looks good for the sellers since the resistance looks strong. Thus, traders are to be very watchful before making any trading decision.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn