EUR/CAD Up 2 Pips On 4 Hour Chart, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

EUR/CAD 4 Hour Price Update

Updated July 22, 2020 09:17 AM GMT (05:17 AM EST)

EUR/CAD is up 2 pips (0.01%) since the previous 4 hours (opening the current 4 hour candle near 1.5515), marking the 5th candle in a row it has gone up. Out of the 37 instruments in the Forex asset class, EUR/CAD ended up ranking 17th for the four-hour candle in terms of price change.

EUR/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for EUR/CAD, which started today off at 1.55133, down 1 pips 0% from yesterday. Out of the 40 instruments in the Forex asset class, EUR/CAD ended up ranking 24th for the day in terms of price change. The price chart of EUR/CAD below illustrates.

EUR/CAD Technical Analysis

Notably, EUR/CAD is now close to its 20, 50 and 100 day averages, located at 1.538, 1.53 and 1.5289 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days EUR/CAD’s price has gone up 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCAD, with 17 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.85, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

bull flag continuation structure with a double bottom confluence to push the price higher