EUR/CAD Up 8 Pips On 4 Hour Chart, Came Into Today Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

EUR/CAD 4 Hour Price Update

Updated July 02, 2020 01:16 AM GMT (09:16 PM EST)

EUR/CAD entered the current 4 hour candle at 1.5295, up 8 pips (0.05%) from the last 4 hour candle. Relative to other instruments in the Forex asset class, EUR/CAD ranked 5th the last 4 hour candle in terms of percentage price change.

EUR/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/CAD is up 6 pips (0.04%) since the day prior (opening today near 1.52891), marking the 2nd day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, EUR/CAD ended up ranking 13th for the day in terms of price change. The price chart of EUR/CAD below illustrates.

EUR/CAD Technical Analysis

Coming into today the current price of EUR/CAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 1.8 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 14 out of the past 30 days. 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 19 sell signals. This imputes a buy/sell ratio of 0.68, which is bearish. 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.

EUR/CAD has broken down beneath the “triangle” pattern, or ascending trendline and is now testing. Short to zone below.