EUR/CAD Up 47 Pips On 4 Hour Chart, 3 Day Up Streak Snapped; Sentiment Strongly Favors Sellers

EUR/CAD 4 Hour Price Update

Updated March 26, 2020 05:11 AM GMT (01:11 AM EST)

EUR/CAD is up 47 pips (0.3%) since the previous 4 hours (opening the current 4 hour candle near 1.5535), marking the 2nd candle in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, EUR/CAD ended up ranking 8th for the four-hour candle in terms of price change.

EUR/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of EUR/CAD’s 3 day up streak; price ended the day prior down 122 pips (-0.78%) to finish the day at a rate of 1.548. Out of the 40 instruments in the Forex asset class, EUR/CAD ended up ranking 28th for the day in terms of price change. Let’s take a look at price chart of EUR/CAD.

EUR/CAD Technical Analysis

The first thing we should note is that the current price of EUR/CAD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for EUR/CAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EUR/CAD’s price has gone up 20 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 2 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.17, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and head and shoulders technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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