EUR/CAD: support zone to push the price upside
|EUR/CAD produced a doji candle with a long lower shadow on the daily chart at a support zone. The price upon finding its intraday support may make a breakout at Friday’s highest high and head towards the North. Major intraday charts are driving the price towards the South. The way the price has been moving downside, it seems that the sellers are not confident. The intraday buyers may want to go long on the pair if they get bullish breakout at the last swing high.
Chart 1 EUR/CAD Daily Chart
The chart shows that the price had several bounces at around the level of 1.44547. Last Friday’s candle came out as a doji candle, having a long lower shadow. It suggests that the sellers came out with their profit. If today’s daily candle closes above Friday’s candle, the buyers may look for buying opportunities on the pair. The price may find its next resistance at the level of 1.46340. If it breaches the level (1.46340), it may head towards the level of 1.47450 to find its resistance.
Chart 2 EUR/CAD H4 Chart
The H4 chart shows that it produced a morning star at the level of support. The price went up to the level of 1.45175 and had a rejection. Having rejected at the resistance, it has produced three consecutive bearish candles. The bodies of the last three candles suggest that the price is still bullish biased. The buyers may get themselves engaged in buying the pair upon a breakout at the level of 1.45175. If the price keeps going towards the downside, it may find its support at the level of 1.44547 again. The H4 sellers may not find it appealing to go short unless the price makes a bearish breakout at the level of support.
Chart 3 EUR/CAD H1 Chart
The H1 chart shows that the price produced a double top. However, the last bearish wave has not created good bearish momentum yet. The buyers are to wait for a breakout at the level of 1.45175. On the other hand, the sellers are to wait for a bearish breakout at the level of 1.44547. The price is in the middle. Thus, H1 traders may want to wait for a breakout to get themselves busy with the pair.
The daily and the H4 chart look good for the buyers. The H1 chart looks neutral. However, daily support zone and long-legged doji candle may push the price towards the North and make the pair bullish in coming days.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.