Market NewsTechnical Analysis

EUR/CAD: Bull Looks Strong Enough to Continue Its Move

  • EUR/CAD has been bullish on the H4 chart with a horizontal support.
  • The SMA 30 has been working as a support too.
  • The H1 chart is on consolidation looking for its next direction.
  • Intraday minor charts have been choppy.
EUR/CAD H4 chart
EUR/CAD H4 chart

EUR/CAD- Technical Analysis- H4 chart

The chart shows that upon finding its support at 1.45550, the pair made a move towards the North. On its way, it made a breakout at the level of 1.46550. As of writing, the pair is having consolidation around the breakout level. Thus, the buyers may be keen to go long in the pair if the level produces a bullish signal. The price may find its next resistance around 1.47600.

Notably, the simple moving average 30 has been working as one of its support levels as well. This is another reason that the pair may get bullish next.

However, if the price breaches the level of 1.46550, the sellers may look to go short in the pair below the SMA 30. In that case, it may find its next support at the last swing low.

EUR/CAD H1 Chart
EUR/CAD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that after making a strong bullish move, the price had a bearish correction. The level of 1.46600 held the price as a support. It produced a bullish candle and pushed the price towards the North. The price seems to have found its resistance around the last swing high. Thus, the buyers may wait for a breach at the swing high to go long in the pair. A breakout at 1.46850 may push the price towards 1.47300.

On the contrary, if the chart makes a bearish breakout at 1.46600, the sellers may drive the price towards the downside. In that case, it may find its support around 1.46000.

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

Contact and follow Tareq on Twitter: @tareqfpn

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