EUR/CAD Price Analysis: Bears seek a break of hourly support
- EUR/CAD bears seeking an optimal entry on the hourly time frame.
- Daily bearish trend is compelling as price is capped on the correction.
EUR/CAD's upside correction has been capped by a significant Fibonacci level and the focus remains firmly on the downside.
The following is a top-down analysis that illustrates the bias.
Daily chart
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The daily chart's trajectory is south which raises prospects of a short opportunity from the lower time frames.
4-hour chart
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With the price still above the 21-SMA, however, bears will need to be patient for a little while longer until break of support.
However, the nearest support structure is some way off.
1-hour chart
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From a 1-hour perspective, the current support structure offers a faster entry point to target the downside from a restest of the support that would be expected to act as resistance.
Momentum is bearish and the price is well below the 21-SMA.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
