EURCAD Technical Analysis Forecast

The EURCAD is trading near to its watching area and the break is not confirmed yet, it is possible the price may confirm its trend after this week closing. I am sharing weekly and 4-Hour technical analysis below to give my view about the next market movement. Please go through the technical analysis written below.

Weekly EURCAD Technical Analysis

The EURCAD is trading in a rising channel formation and previous week closing was bearish which was indicating more bearish move but the price is exactly at support zone and it doesn’t break its support yet. The reason we are not in favor of selling this time is that we are waiting for the clear break of support in the weekly chart.

If price moves lower and close below the support line mentioned in the chart below, it will be the confirmation and break and the bearish target for the longer-term trend is around 1.5000

We will look for an hourly chart to get the earliest idea for the break confirmation.

Please have a look at the weekly technical chart below, I have mentioned the support level.

Weekly EURCAD Technical Chart

 Weekly EURCAD Technical Chart

EURCAD 4-Hour Technical Analysis Forecast

EURCAD is moving in rising channel formation in 4-Hour chart and currently in its support zone. Basically its a very good idea to jump in for small bullish rally towards minimum 1.5750. The confirmation of bounce level is at 1.54250. The movement above 1.54250 may give us more confidence for this bullish rally.

Alternate if the price moves lower and break the support line of this rising channel, this will be the earliest confirmation of bearish move which was discussed in the weekly technical analysis above.

Please have a look at 4-Hour technical chart below, i have mentioned possible next movement diagram.

4-Hour EURCAD Technical Chart

4-Hour EURCAD Technical Chart

EURCAD SUPPORT & RESISTANCE LEVELS

Support 1:      1.52850

Resistance 1 : 1.53850

Visit Fxstreet 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.

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