Market NewsTechnical Analysis

EUR/CAD: Bull Finds a Resistance Ahead

USDCAD BoC Economic Indicators
  • EUR/CAD trades above the SMA 30’s support.
  • The level of 1.45475 may play a vital role to determine its next route.
  • The H1 chart looks bullish bouncing at significant supports.
  • Intraday minor charts have bounced at today’s low.
EUR/CAD H4 Chart
EUR/CAD H4 Chart

EUR/CAD- Technical Analysis- H4 Chart

The chart shows that the price had multiple bounces at 1.44700. At the last bounce, it produced a bullish inside bar and breached the simple moving average 30. As of writing, the pair trades above the SMA 30’s support. However, the level of 1.45475, where the price reacted several times, has been working as a resistance. The buyers may wait for the price to breach the resistance to go long in the pair. It may find its next resistance around 1.46300.

On the contrary, if the resistance level produces a bearish reversal signal and drives the price towards the South, the sellers may wait for the price to breach 1.44700 to look for short opportunities. In that case, it may find its next support around 1.43350.

EUR/CAD H1 Chart
EUR/CAD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price made a strong bullish move earlier. As expected, it had a rejection at 1.45475 and made a bearish correction. Upon finding its support at 1.45200, it headed towards the North. Then, it made another correction and bounced at another significant support. The buyers may look to go long in the pair and push the price towards the North. The price may find its next resistance around 1.45475. A breakout at the level may generate more bullish momentum and push the price towards the upside further.

On the contrary, the level of 1.45475 may be under the light for the sellers as well. A bearish reversal signal at the level may attract them to go short from the value areas.

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

Contact and follow Tareq on Twitter: @tareqfpn

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