By Anton Eljwizat – The EUR/CAD has recorded much bearish behavior in the past several days. However, the technical data indicates that this trend may reverse anytime soon. For example, as I demonstrate below, the 8-hour chart signals that a bullish reversal is imminent, and it might have the potential of reaching towards 1.4900 in the coming days. Forex traders can take advantage of this imminent upward movement by entering long positions at an excellent entry price.
• The technical indicators used are the Slow Stochastic, MACD, and Williams Percent Ranges.
• Point 1: There is a “doji” candlestick that has formed on the chart, indicating that a reversal should take place.
• Point 2: The Slow Stochastic indicates an impeding bullish cross, signaling that the next move may be in an upward direction.
• Point 3: There appear to be a number of bullish crosses on the MACD which signals an impending upward move.
• Point 4: The Williams Percent Ranges is showing that this pair is heavily over-sold and may be experiencing strong upward pressure.
EUR/CAD 8-Hour Chart
Forex Market Analysis provided by Forex Yard.
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