Market NewsTechnical Analysis

EUR/CAD: Is the Bullish Correction Over?

  • EUR/CAD has been bearish by obeying Simple Moving Average 30.
  • The price has been having a bullish correction.
  • The H1 chart shows it approaches at a trend line’s resistance.
  • Intraday price action has been bullish.
EUR/CAD H4 Chart
EUR/CAD H4 Chart

EUR/CAD- Technical Analysis-H4 Chart

The chart shows that the price has been long bearish by obeying simple moving average 30. It has had several rejections at the SMA 30 and made some decent moves. As of writing, the pair has been heading towards the upside making a bullish correction. If the SMA30 makes the price get rejected again and it produces a bearish reversal pattern, the sellers may go short in the pair again. It may make a new lower low and find its support around 1.40550.

On the other hand, if the price breaches the SMA 30 and confirms the breakout, the buyers may wait for the price to produce a bullish reversal candle to go long in the pair. The price may find its next resistance around 1.45800.

EUR/CAD H1 Chart
EUR/CAD H1 Chart

Technical Analysis- H1 Chart

The chart shows that the price has been down trending by obeying a bearish trend line. At the last rejection, it produced a bearish inside bar. However, the price headed towards the South in a hurry. The pair is approaching towards the resistance of that trend line. The sellers may want to wait for the price to produce a bearish reversal pattern right at the trend line’s resistance to go short in the pair. The price may find its support around 1.41600.

Considering both charts, it seems that the bear may come into play soon. If it does, it may continue making new lower low in coming days.

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

Contact and follow Tareq on Twitter: @tareqfpn

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