Market NewsTechnical Analysis

EUR/CAD: Bull Finds a Hinder on the H4 Chart

  • 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 H4 Chart
EUR/CAD H4 Chart

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.

EUR/CAD H1 Chart
EUR/CAD H1 Chart

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

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Fidelcrest video review

Play Video

Related Articles

A Closer Look at Trends in Global Stock Markets

Global indices like Nikkei 225, FTSE 100, and DAX 40 hit record...

Surging Markets: A Week of Record Highs and Key Risk Events Ahead

Last week's record highs in US stock markets driven by tech and...

AUD/USD in Focus: Resistance Levels and Inflation Data Awaited

The Aussie dollar faces resistance against the US dollar ahead of key...

USD/CHF: Choppy Price Action on the H4

USD/CHF – Technical Analysis- H4 Chart The chart shows that the price...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Global Stock Markets
Market News

A Closer Look at Trends in Global Stock Markets

Global indices like Nikkei 225, FTSE 100, and DAX 40 hit record highs but may consolidate amid economic uncertainties.

Surging Markets Week of Record Highs
Market News

Surging Markets: A Week of Record Highs and Key Risk Events Ahead

Last week's record highs in US stock markets driven by tech and AI stocks set a positive tone for investors.

Copyright © 2023 Forex Prop News. All Rights Reserved.