EUR/CAD Price Analysis: Bears taking on the 4-hour 21 SMA
|- EUR/CAD is under pressure below a significant corrective high.
- Bears eyeing the Momentum for a downside opportunity.
EUR/CAD is on the verge of a downside extension having completed a 38.2% Fibonacci retracement and the following analysis illustrates where the next opportunity to the downside could evolve.
Daily chart
The price has stalled at a 38.2% Fibo and the lower time frames can be monitored for bearish conditions.
4-hour chart
The Momentum indicator remains in positive territory, but on a break of the 21-SMA, the bears will be back in control.
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.