Market NewsTechnical Analysis

EUR/CAD: Horizontal Level 1.47150 Holds the Key

  • EUR/CAD has been choppy on the H4 chart.
  • The pair seems to have found its resistance at a horizontal level.
  • The H1 chart looks a bit bullish biased.
  • Intraday minor charts have been choppy.
EUR/CAD H4 Chart
EUR/CAD H4 Chart

EUR/CAD- Technical Analysis- H4 Chart

The chart shows that the price has been choppy on the H4 chart after making a breach at the simple moving average 30. The level of 1.47150 has been working as a resistance where the price reacted several times earlier. The buyers may be eagerly waiting for the price to make a breakout and go long in the pair. A breakout at the level may push the price towards 1.49000.

On the contrary, if the price makes a bearish move from that level and ends up making a breakout at the SMA 30, the sellers may drive the price towards the South. The price may find its support around 1.45500.

EUR/CAD H1 Chart
EUR/CAD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been gradually moving towards the North. On the H1 chart, the level of 1.47150 looks significant as well. Traders are going to keep their eyes on the price action around the level. A bullish breakout may attract the buyers to push the price towards the upside. The price may find its next resistance around 1.47000.

On the downside, if the price produces a bearish reversal signal right at the resistance level, the sellers may be interested to drive the price towards the downside. The price may find its next support around 1.46600.

Considering both charts, traders are to be patient and let the price action give them a direction. The level of 1.47150 is the level, which is under spot light at the moment.

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

Contact and follow Tareq on Twitter: @tareqfpn

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