Market NewsTechnical Analysis

EUR/CAD: Flipped Support and SMA 30 Attract the Buyers

  • EUR/CAD had a bounce at a flipped support.
  • The pair trades above the SMA 30 for a while.
  • The H1 chart has been bullish approaching at a strong resistance.
  • Intraday minor charts have been bullish.
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. It found its resistance around 1.47500 and made a bearish correction. As expected, the price has found its support at 1.46150 and produced a bullish candle with a long wick at the bottom. The level of 1.46150 is a significant flipped support where the price reacted several times. Thus, the buyers did not wait to push the price towards the North. As of writing, the pair trades above the simple moving average 30. This may attract more buyers to go long in the pair from the value areas. The price may find its resistance around 1.47500 again.

However, there is a good chance that the price breaches 1.47150 and makes a new higher high.

EUR/CAD H1 Chart
EUR/CAD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the North gradually. The buyers do not seem that confident as far as the recent price action concerned. It may be because of that resistance, which is not too far from the price where the pair is traded right now. The buyers are going to wait for the price to make a breakout at that level to go long in the pair. A breakout at 1.46800 may push the price towards the last swing high.

On the contrary, if the price finds its resistance at the marked level, the sellers may wait for the chart to produce a bearish reversal pattern to go short in the pair. The price in that case may find its support around 1.46000.

Considering both charts, it seems that we may see bull’s domination in the pair. The H1 chart may take a pause, but the H4 chart looks all set to head towards the upside.

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

Contact and follow Tareq on Twitter: @tareqfpn

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