EURCAD (1H) - intraday bullish bias
The pair has risen along the trend line and is now expected to test the major resistance of 1.4690. The faster MA has been diverging from the slower one and indicated an acceleration in the upside momentum. Following a retreat of the RSI from the over-bought area, the euro is likely to spend the next few hours to consolidate around the moving averages. The bullish sentiment may stay intact as long as the averages and the trend line succeed in providing support.
Key support: 1.4620
Key resistance: 1.4690
The pair has risen along the trend line and is now expected to test the major resistance of 1.4690. The faster MA has been diverging from the slower one and indicated an acceleration in the upside momentum. Following a retreat of the RSI from the over-bought area, the euro is likely to spend the next few hours to consolidate around the moving averages. The bullish sentiment may stay intact as long as the averages and the trend line succeed in providing support.
Key support: 1.4620
Key resistance: 1.4690