ByLCMS Traders FX Analysis Team
SEP 2, 2021
EUR/CAD Daily Forecast
EUR/CAD managed to move above the 1.4900 mark yesterday however, with the CAD’s overall gains the bulls appear unlikely to rise any further. The pair is currently trading at 1.4921 with immediate support levels at 148.92 and 1.4865. The intraday resistance levels are at 1.4947 and 1.4988.
On the intraday charts, the pair is trading is keeping above the moving averages. The SMA-14 is at 1.4874 and the SMA-50 is at 1.4804. The mid-Bollinger band is at 1.4826 with upper and lower bands at 1.5008 and 1.4643 respectively. The RSI is at 56 and has a downwards. The MACD is indicating a bearish crossover that is likely to help the bears take control. The intraday price pattern coupled with MACD’s bearish crossover indication the pair is likely to drop which makes it ideal for selling entries using the following levels
Direction: Sell
Entry: 1.4940
Take Profit: 1.4890 -1.4860
Stop-loss: 1.4988
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