Market NewsTechnical Analysis

EUR/CAD: Traders to Wait for a Breakout

  • EUR/CAD has been choppy on the H4 chart finding support at 1.45000 zone.
  • The SMA 30 has been working as a resistance.
  • The H1 chart has been choppy.
  • Intraday minor charts are yet to find their direction.
EUR/CAD H4 Chart
EUR/CAD H4 Chart

EUR/CAD- Technical Analysis- H4 Chart

The chart shows that the price has been choppy for quite a while. The 1.45000 zone has been working as a support, where the price had several bounces. As of writing, the pair trades around the level producing a bullish inside bar. However, the simple moving average 30 has been working as a resistance. Thus, the buyers may not be that interest to go long in the pair unless it makes a breakout at the SMA 30’s resistance.

The sellers on the other hand may wait for the price to make a breach at the swing low to go short in the pair. A bearish breakout may drive the price towards 1.44300.

EUR/CAD H1 Chart
EUR/CAD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price gets caught within a triangle. A bearish trend line has been working as a resistance. On the other hand, the level of 1.44850 has been the swing low. Thus, traders are to wait for the price to make a breakout to find its next direction.

A bullish breakout at the trend line may push the price towards the level of 1.45700. Since it has been trading around this support for a long time, it may end up making a breakout at 1.45700. If that happens, the pair may make a long bullish move.

On the contrary, a bearish breakout at the swing low, may generate bearish momentum again and drive the price towards the South. The level of 1.44500 may work as a next support in that case.

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

Contact and follow Tareq on Twitter: @tareqfpn

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