EUR/CAD Down 6 Pips in Last 4 Hours, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

EUR/CAD 4 Hour Price Update

Updated August 03, 2020 05:11 AM GMT (01:11 AM EST)

EUR/CAD is down 6 pips (0.04%) since the last 4 hour candle (opening the current 4 hour candle near 1.5783), marking the 2nd candle in a row it has gone down. Compared to its peers in the Forex, EUR/CAD gave its buyers a return that ranked 23rd in terms of percentage change since the last 4 hour candle.

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 1.57934, down 0 pips 0% from the previous day. Relative to other instruments in the Forex asset class, EUR/CAD ranked 24th the previous day in terms of percentage price change. Here is a price chart of EUR/CAD.

EUR/CAD

EUR/CAD Technical Analysis

Notably, EUR/CAD is now close to its 20 day averages, located at 1.5575 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days EUR/CAD’s price has gone up 17 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 10 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I see a hidden bullish divergence on the hourly so I will take this long on this pullback. Retest of last high, or potentially beyond 🙂Good luck !