Market NewsTechnical Analysis

EUR/CAD: The Bull Finds an Open Gate

  • EUR/CAD has made a significant bullish breakout on the H4 chart.
  • The pair may consolidate around the breakout level.
  • The H1 chart looks bullish.
  • Intraday minor charts have been bullish.
EUR/CAD H4 Chart
EUR/CAD H4 Chart

EUR/CAD- Technical Analysis-H4 Chart

The H4 charts shows that upon finding its horizontal support around 1.43200, it has been bullish heading towards the upside with a good momentum. On its way, it has made a pivotal bullish breakout at 1.44885. As of writing, the price has been bearish on the current H4 candle. It suggests that the pair may consolidate around the breakout level. If the level holds the price and ends up producing a bullish revesal pattern at the support, the buyers may go long again in the pair and push the price towards the North. The price may find its resistance around 1.46250.

On the downside, if the price breaches the horizontal support, it may consolidate again around that flipped resistance. The sellers may wait for the price to breach the simple moving average 30 to look for short opportunities.

EUR/CAD H1 Chart
EUR/CAD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the upside by obeying a bullish trend line. It has had multiple bounces at the trend line’s support. At the last bounce, it produced a bullish engulfing candle. As expected, the buyers did not wait to push the price towards the North in a hurry. As of writing, the price has been having a bearish correction. The buyers may wait for the price to find its horizontal support to go long again in the pair.

A breakout above today’s higher high may push the price towards 1.45800.

For the sellers, the pair may not have anything to offer soon. Thus, they must wait for the pair to make a strong bearish move or produce a bearish reversal pattern to find short opportunities.

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

Contact and follow Tareq on Twitter: @tareqfpn

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