EUR/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
If we analyse the last 180 bars on the four-hour chart of EUR/CAD, we may come to a conclusion that the currency pair is currently forming a bullish channel. Given that this supposition is true, the Euro should turn around before hitting the long-term moving average, namely at the up-trend support line at 1.5353, which is presently reinforced by the daily and weekly S1 levels. Then the price will be well-positioned to target 1.5653, where it will supposedly encounter the upper boundary of the pattern and begin another bearish correction. However, the market does not seem to be optimistic at the moment—merely 40% of the traders are holding long on EUR/CAD  positions.

© Dukascopy Bank SA
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