EURCAD (1H) - short term bullish bias
The Canadian dollar came under pressure across the board while the euro found buyers to make a comeback. The demand area around 1.4450 may be a major lifeline for the single currency to start a reversal. The RSI divergence struck a higher low against a lower high in the price, suggesting a slowdown in the bearish momentum. The latest bullish impulse is testing the psychological level of 1.4500 and in case of a close above it, and if a bullish MA cross shows up, we may expect an extended rally towards 1.4570.
Key support: 1.4450
Key resistance: 1.4530
The Canadian dollar came under pressure across the board while the euro found buyers to make a comeback. The demand area around 1.4450 may be a major lifeline for the single currency to start a reversal. The RSI divergence struck a higher low against a lower high in the price, suggesting a slowdown in the bearish momentum. The latest bullish impulse is testing the psychological level of 1.4500 and in case of a close above it, and if a bullish MA cross shows up, we may expect an extended rally towards 1.4570.
Key support: 1.4450
Key resistance: 1.4530
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.