In our last analysis, it was expected the price could touch the target level 1.4840. EURCAD price fails to touch its target level and bounce back. Weekly candle closes as a Doji which itself a confusion pattern between buyers and sellers. We have 2 different thoughts for next expected movement and sharing weekly and daily analysis for an overview. Please go through the analysis written at Liteforex.
Weekly Time Frame EURCAD Analysis
The weekly candle closing is a doji candle, which means confusion between bulls and bears. The next week could be bullish or may b bearish, it will depend at the opening of the market.
The volume is still in a favor of more selling but the price may start a small correction before a new dip. We will look for a daily overview and see the closest pattern to get the expected correction level.
Please have a look at weekly time frame chart below
Weekly Time Frame Chart
Daily Technical Analysis EURCAD Overview
The daily chart can give us closest and earliest signal of price movement. The MACD is indicating that the correction may b starts and we have to look the expected target level for this correction. A couple of reversal pattern at daily candlestick also in the favor of correction.
The maximum correction target as per the daily chart could be 1.5500, we will look for the reversal signal from this price level.
However, if price fails to reverse from 1.5500 and move higher, then it will be the earliest indication to leave thoughts for the bearish move and get ready for the bullish rally. The chances for a bullish rally after hitting 1.5500 is very less.
The bearish target after hitting the correction target is 1.5000 and 1.4500 in case of the extended trend.
For More details about Trends , You can also visit this link
Please have a look at daily time frame chart below, I have mentioned possible movement diagram with target and invalidation levels.
Daily Time Frame EURCAD Chart
EUR CAD SUPPORT & RESISTANCE LEVELS
Support 1: 1.49140
Support 2 : 1.4800
Resistance 1: 1.53250
Resistance 2 : 1.5500
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