EUR/CAD Up 5 Pips On 4 Hour Chart, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

EUR/CAD 4 Hour Price Update

Updated July 29, 2020 01:13 AM GMT (09:13 PM EST)

EUR/CAD is up 5 pips (0.03%) since the last 4 hour candle (opening the current 4 hour candle near 1.5678), marking the 2nd candle in a row an increase has occurred. Out of the 37 instruments in the Forex asset class, EUR/CAD ended up ranking 17th for the four-hour candle in terms of price change.

EUR/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EUR/CAD continues; to start today, it came in at a price of 1.56795, up 5 pips (0.03%) since the previous day. Relative to other instruments in the Forex asset class, EUR/CAD ranked 20th the previous day in terms of percentage price change. Let’s take a look at price chart of EUR/CAD.

EUR/CAD

EUR/CAD Technical Analysis

Coming into today EUR/CAD is now close to its 20, 50 and 100 day averages, located at 1.5497, 1.5354 and 1.5299 respectively, and thus may be at a key juncture along those timeframes. 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 18 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 3 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.43, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This indicates us that price still has space to move towards the weekly supply level….The bottom weekly-trendline got respected 4 times and last time price received strong demand pressure….The weekly supply level has been respected 3 times and in short periods of time, price got rejected down towards the bottom trendline.