EUR/CAD Price Analysis: Pair finds resistance at 100-day SMA

EUR/CAD rose 0.69% on Tuesday to 1.4780.
Sellers successfully defended the 100-day SMA, reversing the pair's advance to the seven-day high at 1.4980.
Bulls may keep pushing the EUR/CAD higher if momentum persists and the 100-day SMA is breached.

Patricio Martín FXStreet

The EUR/CAD witnessed a 0.40% uptick to 1.4740 on Tuesday, although bulls faced resistance at the 100-day Simple Moving Average (SMA) and retreated from the seven-day high of 1.4980.

The pair's two-day upward streak have created a promising technical outlook. The Relative Strength Index (RSI), currently at 44, suggests that buying pressure is recovering despite being in negative territory. The Moving Average Convergence Divergence (MACD) histogram's red and decreasing condition indicates a decline in selling pressure. These indicators point to a potential trend reversal.

The EUR/CAD pair is currently facing resistance at the 100-day SMA. If the pair breaks above, it could extend its recovery. However, sellers may keep pulling the pair lower if the pair fails to break above this resistance. For maintaining the recovery, bulls must defend 1.4900.

EUR/CAD daily chart

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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