EUR/CAD: The Bear is in the Town

• EUR/CAD has been extremely bearish on the H4 chart
• The price breached SMA 30
• The H1 chart consolidates the last three candles
• Intraday sellers keep their eyes on going short

EUR/CAD- Technical Analysis- H4 Chart

The pair made a very strapping bearish move on the H4 chart. Upon finding its resistance around 1.48000 (1.47950 to be precise, the pair produced a bearish engulfing candle followed by two bearish Marubozu candles. As of writing, the current candle has been bearish as well. Thus, sellers may keep their eyes on the pair to go short from the value areas. Simple Moving Average has been flat for a while. However, the pair trades below SMA 30. If it continues to work as a resistance, sellers will surely make full use of it. The price may find its support around 1.46280. A breakout below looks very much on the card, which will make the pair remain bearish for some days.

On the upside, the bull does not seem to be seen on the canvas soon.

Price Action Analysis-H1 Chart

The H1 chart shows that the price made a strong bearish move without wasting much time. On its way, it made a bearish breakout at 1.46930. It has been in consolidation now. The level may work as a flipped level of resistance. A bearish reversal candle followed by a breakout at today’s low may attract the sellers to go short in the pair again. The price may find its next support around 1.46250. In case of a bullish breakout at 1.46930, the price may find its resistance around 1.46165.

Intraday minor charts’ traders have been very active. They sell the pair from the value areas upon having a bearish reversal pattern. It may continue until the New York session closes.

The H4 and the H1 both look extremely good for the bear. Thus, the pair may remain bearish for some days.  

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

Contact and follow Tareq on Twitter: @tareqfpn