Market NewsTechnical Analysis

EUR/CAD: H1 Chart Holds the Key

  • EUR/CAD has been having a bearish correction on the H4 chart.
  • The SMA 30 has been working as a support stays well below from the price.
  • The H1 chart trades around a bullish trend line’s support.
  • 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 been having a bearish correction after being bullish for a while. It seems that the price may continue its correction since the simple moving average offers enough space to travel towards the South. However, the buyers may wait for the price to find its support and produce a bullish reversal pattern to look for long opportunities in the pair. A bullish reversal pattern at the value area may push the price towards the North. The price may find its next resistance around 1.47000.

EUR/CAD H1 Chart
EUR/CAD H1 Chart

Price Action Analysis- H1 Chart

The H1 chart looks interesting. The price has been gradually heading towards the South. The price action suggests that the sellers are not sanguine to drive the price towards the downside. The chart also shows that there is an up-trending trend line, which has been obeyed by the price for a while. As of writing, the pair trades right around the trend line’s support. The buyers will be eagerly waiting for the price to produce a bullish reversal signal to go long in the pair. The price may find its next resistance around the swing high.

On the contrary, a bearish breakout at the trend line’s support may drive the price towards the downside. In that case, the price may find its support around 1.45500. Thus, both the traders are going to keep their close eyes on this chart to find their next trading direction.

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

Contact and follow Tareq on Twitter: @tareqfpn

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