EUR/CAD Up 13 Pips On 4 Hour Chart, Nears 20 and 50 Day Moving Averages; Pin Bar Pattern Appearing on Chart

EUR/CAD 4 Hour Price Update

Updated May 25, 2020 09:07 PM GMT (05:07 PM EST)

EUR/CAD entered the current 4 hour candle at 1.5235, up 13 pips (0.09%) from the previous 4 hours. Compared to its peers in the Forex, EUR/CAD gave its buyers a return that ranked 3rd in terms of percentage change since the previous 4 hours.

EUR/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EUR/CAD continues; to start today, it came in at a price of 1.52667, up 2 pips (0.01%) since the day prior. Out of the 40 instruments in the Forex asset class, EUR/CAD ended up ranking 22nd for the day in terms of price change. The price chart of EUR/CAD below illustrates.

EUR/CAD Technical Analysis

The first thing we should note is that EUR/CAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 18.2 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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 13 buy signals on our radar and 23 sell signals. This imputes a buy/sell ratio of 0.57, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

FX:EURCAD BUYReasons:Bullish TrendDaily SupportRising WedgeNeeds to form Higher HighBullish StructureJoin our Free Signals Group:https://t.me/PipsTechnical85% accurate Signals