EUR/CAD Price Analysis: Pair snapped losing run, bears took foot off gas

EUR/CAD is up 0.87% on Monday.
Pair broke four-day losing streak as bears eased pressure, consolidating after indicators hit oversold territory.
EUR/CAD might embark on sideways movements as the pair corrects after a furious losing streak.

Patricio Martín FXStreet

The EUR/CAD snapped its four-day losing streak on Monday, rising by 0.87% to 1.4690. The pair seems to be consolidating after a furious losing streak, with bears easing pressure as technical indicators hit oversold territory.

The technical analysis on EUR/CAD suggests a sideways trend. The Relative Strength Index (RSI) is recovering, indicating increasing buying pressure, while the Moving Average Convergence Divergence (MACD) histogram remains flat and red, implying that selling pressure is still present but not gaining momentum.

The EUR/CAD pair broke its four-day losing streak on Monday, consolidating after a steep decline. The easing of selling pressure and oversold technical indicators suggest the pair might embark on sideways movements. Although the RSI indicates buying pressure, the MACD remains flat, hinting at lingering selling interest.

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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