EUR/CAD 4 Hour Price Update
Updated July 27, 2020 09:09 PM GMT (05:09 PM EST)
The choppiness in the recent four-hour candle price action of EUR/CAD continues; to start the current 4 hour candle, it came in at a price of 1.5693, down 31 pips (0.2%) since the previous 4 hours. Out of the 37 instruments in the Forex asset class, EUR/CAD ended up ranking 34th 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 4 day up streak; price ended the day prior down 0 pips (0%) to finish the day at a rate of 1.56358. Compared to its peers in the Forex, EUR/CAD gave its buyers a return that ranked 32nd in terms of percentage change since the day prior. 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. 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 10 days EUR/CAD’s price has gone up 6 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 16 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 1.14, which is neutral. As for the rationale, technical traders seem to be citing the appearance of fibonacci, relative strength index and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
– 618 broke with bullish power weakening – RSI overbought throughput the time frames- crucial pivot point seen a number of times in the past – strong resistance line marrying the 618 fib- price well above moving average All indications must be met before entering trade