ByLCMS Traders FX Analysis Team
SEP 8, 2021
EUR/CAD Daily Forecast
EUR/CAD has finally climbed above the 1.5000 mark and is currently trading at 1.5019. The intraday support levels are at 1.4971 and 1.4958. The near-term resistance areas are at 1.5044 and 1.5069.
Although the technical indicators are presenting a bullish picture the pair is heading towards a potential double top and bulls need to build a further higher momentum to move forward. The SMA-14 support line is at 1.4897 and the SMA-50 is indicating support at 1.48225. The mid-Bollinger band is at 1.4869 while the upper and lower bands are at 1.5032 and 1.4705 respectively. The RSI is at 51 and has an upwards curve while the MACD also favors the bears. Following the intraday price pattern, the pair is ideal for buying entries on small dips using the following levels.
Direction: Buy
Entry: 1.5000
Take Profit: 1.5055
Stop-Loss: 1.4968
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