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.

Ross J Burland FXStreet

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.

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.

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