EUR/CAD: 1-hour
Here’s another potential trend play on a euro pair! EUR/CAD has been moving inside its rising channel visible on the 1-hour forex chart for nearly a couple of months already, and the pair is currently testing support around the 1.4400 major psychological level. Stochastic is already indicating oversold conditions, which means that sellers are exhausted and that buyers might be ready to take over. In that case, price could bounce back to the top of the range at the 1.4750 minor psychological resistance. The 100 SMA is above the 200 SMA for now, confirming that the path of least resistance is to the upside. If you’re hoping to catch a reversal, better wait for a long red candle to close below the channel support before hopping in a short position.
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