By Anton Eljwizat – A bullish move in the EUR/CAD cross hasn’t received much support as of late. Below, I will demonstrate that the EUR/CAD pair has already commenced a downward trend for today, and the cross may tumble another 40-100 pips during the day. Traders are strongly advised to take advantage of the trend at an early stage.
• Below is the 4-hour chart of the EUR/CAD currency pair.
• The technical indicators that are used are the Williams Percent Ranges, Relative Strength Index (RSI), and Stochastic Slow.
• Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure.
• Point 3: The Williams Percent Range shows that this pair was heavily over-bought peaked near the highest mark it could reach, and then turned a corner and now stands in a bearish posture.
EUR/CAD 4-Hour Chart
Forex Market Analysis provided by ForexYard.
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