The price is still in a confusion stage, it fails to break the resistance and also trading above the support level. We are still looking for the confirmation of break either the upside or downside for next movement.
Today I am sharing daily and 4-Hour technical analysis forecast, Please go through the analysis written below.
EURCAD Daily Technical Analysis
We have two different thoughts in EURCAD for the price movement. EURCAD is still trading in a triangle range and moving inside the triangle. The support is at 1.5000 whereas the resistance is falling trend line which is around 1.5150. The current market price is 1.5090.
If the price comes down and close below 1.5000, this will be the signal for the bearish move and the target for bearish trade could be 1.4750 which is also a longer-term bearish target.
If price move upside, break and close above the resistance 1.5150, then we will look for the bullish entry from 1.5250 confirmation level towards minimum 1.5400.
The MACD is also in favor of bullish move but weekly chart indicating the bearish trend.
I suggest you stay neutral until the market breaks support or resistance.
Please have a look at the Daily Technical Chart below, I have created a movement diagram with an example.
EURCAD Daily Technical Chart
EURCAD 4-Hour Technical Analysis
If we look closely at the price movement in 4-Hour chart, we can see a small rising channel range formation and this could be the clue to get the possible medium-term movement. The resistance of the rising channel is around 1.5150 which could be the reversal point for the short-term movement. If price breaks the channel downward then the minimum expected target may b 1.4850.
Please have a look at 4-Hour EURCAD Technical Analysis below, I have mentioned the possible movement diagram with target levels.
EURCAD 4-Hour Technical Chart
Support 1: 1.5000
Resistance 1 : 1.5150
Visit Babypips for further Support & Resistance tools
Note: Never risk more than 2% of your capital in a single trade and always trade with proper money management plan.