Market NewsTechnical Analysis

EUR/CAD: Trendlines are in Play, Bearish on the H4 but Bullish on the H1

USD/CAD Oil Prices Dollar Index
  • EUR/CAD has made a bullish move on the H4 chart trading above the SMA 30’s support.
  • A bearish trend line is in play on the chart.
  • The H1 chart looks bullish by obeying a trend line.
  • Intraday minor charts have been choppy.
EUR/CAD H4 chart
EUR/CAD H4 chart

EUR/CAD- Technical Analysis- H4 chart

The chart shows that the price upon finding its horizontal support has made a bullish move. On its way, it made a breakout at the simple moving average 30’s resistance. It then came back at the support and produced a bullish reversal pattern. However, the buyers do not look sanguine to push the price towards the North. As we can see that a bearish trend line has been playing its role as a resistance. This may have held the buyers to go long aggressively on the pair. A breakout at the trend line may push the price towards the North. The price may find its resistance around 1.48700.

On the contrary, if the trend line keeps working as a resistance and produces a bearish reversal pattern, the sellers may go short in the pair below the SMA 30’s support.

EUR/CAD H1 chart
EUR/CAD H1 chart

Price Action Analysis- H1 Chart

The H1 chart tells completely a different story. It has been heading towards the North by obeying a bullish trend line. As of writing, the price has been heading towards the support of that trend line. The buyers may wait for the chart to produce a bullish reversal pattern at the value areas to go long in the pair. The price may find its resistance around 1.47150.

On the contrary, if the price makes a bearish breakout at the trend line, the sellers may wait for the chart to confirm the breakout followed by a bearish reversal to go short in the pair. In that case, it may find its support around 1.45650.

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

Contact and follow Tareq on Twitter: @tareqfpn

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