EUR/CAD Down 0 Pips On 4 Hour Chart, 3 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart

EUR/CAD 4 Hour Price Update

Updated July 24, 2020 09:07 PM GMT (05:07 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 1.5622, down 0 pips (0%) since the previous 4 hours. Compared to its peers in the Forex, EUR/CAD gave its buyers a return that ranked 22nd in terms of percentage change since the previous 4 hours.

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. The price chart of EUR/CAD below illustrates.

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. 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. For additional context, note that price has gone up 18 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCAD, with 13 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.08, which is neutral. 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.

After that a small correction towards 1.56000 may happen, before we see a move to the monthly critical at 1.58400….After the monthly critical has been reached a strong correction will take place….In order to enter a sell trade after the monthly critical near 1.58400 is reached, we must wait for a strong rejection signal first.