The EUR/CAD currency pair on the 4-hour time frame has been following a downtrend recently. The price dipped below the key support level of 1.49200 on 2 April registering the lowest level in 1 month. Price action in the EUR/CAD is mainly driven by the weakness in Euro. Negative MACD and RSI below 50 supports bearish sentiment in the currency pair.
The 4-hour chart of the EUR/CAD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/CAD. RSI (Relative Strength Index) showing values below 50 which supports the negative sentiment in the market.
In alternative scenario, first resistance level lies at the psychological level of 1.50000. Bulls must break this level in order to regain bullish sentiment.
The 4-hour chart of the EUR/CAD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/CAD. RSI (Relative Strength Index) showing values below 50 which supports the negative sentiment in the market.
In alternative scenario, first resistance level lies at the psychological level of 1.50000. Bulls must break this level in order to regain bullish sentiment.