- February 8, 2022
- Posted by: cabana-admin
- Category: Market Insights
GENERAL OVERVIEW: From the 4 hourly chart bears are doing their best from last couple of weeks and pair is falling below the 200 SMA and continuing with the downtrend in the market. The chart is showing their strong bearish side of the market .Sellers are heading their potential and leading towards the south direction .The swings are making their successively lower lows and higher high in the market. The bears are, making the negative momentum at level 1.5391. The pair is making the negative volatility in the market. The bears are leading in the game and playing at the front foot after breaking the important support level. EURCAD looks set to decline some more reach and reach lows around 1.5000.
TECHNICAL OVERVIEW: From the technical prospective we can see the short term uptrend line has been breached out in the 4 hourly chart which is providing the bearish signals to the market. Pair is trading below all the major and minor EMA and SMA lines. We suggest the sellers to sit on the sell side. On the daily chart we can see that previously market is forming the rounding bottom in the market and after that market is making lower swings .Odds are in favor of the bears and we will get the further bearishness in the market .
The RSI is below the 50 levels which are favoring the bears .A bearish crossover on MACD indicator is showing the weakness in the pair. The support of the level is 1.4400 followed by the 1.4350 and the resistance is 1.4500 followed by 1.4550.
TRADE IDEA : From the above statement with can conclude that sell at 1.4480 target will be 1.4400 -1.4350 and loss will be 1.4530.