EUR/CAD Up 13 Pips in Last 4 Hours, 3 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart

EUR/CAD 4 Hour Price Update

Updated July 24, 2020 01:05 PM GMT (09:05 AM EST)

The back and forth price flow continues for EUR/CAD, which started the current 4 hour candle off at 1.5579, up 13 pips 0.08% from the last 4 hour candle. Compared to its peers in the Forex, EUR/CAD gave its buyers a return that ranked 7th in terms of percentage change since the last 4 hour candle.

EUR/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 3 up days, EUR/CAD snaps its streak, falling 7 pips (-0.04%) over the past day to close at an exchange rate of 1.55432. Compared to its peers in the Forex, EUR/CAD gave its buyers a return that ranked 31st in terms of percentage change since the day prior. Let’s take a look at price chart of EUR/CAD.

EUR/CAD Technical Analysis

Coming into today EUR/CAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 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

Of note is that traders in aggregate have opinions on EURCAD, with 3 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.27, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a triple top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Higher Timeframed BiasAscending Channel but a Counter Trendline to the DownsideCAD strongPlease like or comment