Market NewsTechnical Analysis

EUR/CAD: Quietness before a Strong Storm

  • EUR/CAD trades around a massive support on the h4 chart.
  • The H1 chart has been choppy trading within a triangle.
  • Intraday minor charts are yet to find a direction.
EUR/CAD H4 chart
EUR/CAD H4 chart

EUR/CAD- Technical Analysis- H4 chart

The chart shows that the price reacted at the level of 1.45550 several times. As of writing, it trades around the level again. The simple moving average 30 has been working as a resistance. Thus, the sellers may wait for the price to make a breakout at the level followed by a breakout confirmation to go short in the pair.

On the other hand, if the price breaches the SMA 30 and confirms the breakout, the buyers may look to go long in the pair upon having bullish reversal signal. The price may find its resistance around 1.47000.

EUR/CAD H1 chart
EUR/CAD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the pair made a bearish move earlier. Then, it had a bounce at the last swing low. It moved towards the North again and had another bounce at the same level. It shows that the pair trades within a triangle. The buyers may wait for the price to make a breach at the trend line’s resistance to go long in the pair. On the other hand, a breakout at the horizontal support may drive the price towards the South.

Both charts show that the pair is choppy. However, considering the H1 chart, it seems that the pair may offer entries soon with excellent risk-reward. The question remains which direction it is going to make its next breakout to. Traders are to find that out by being patient observing the price action closely.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data...

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators...

Gold Surges to New Record High Amid Market Turbulence

Gold reached a new record high, driven by safe-haven trades following the...

Fed’s Barr and Jefferson: High Interest Rates Here to Stay

Federal Reserve Governor Michael Barr reiterated interest rates will stay high until...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets
Market News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data strengthens the dollar and impacts global currencies and commodities.

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends
Market News

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators for future trends.

Copyright © 2023 Forex Prop News. All Rights Reserved.