Forex Market Ideas

EURCAD Technical Analysis And Short Term Forecast

Hi Traders! EURCAD technical analysis and short term forecast is here. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting and useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club Spoiler alert – free memberships are available!

EURCAD H1(1 Hour) Chart Analysis – Downtrend Line Breakout, Bullish Convergence, Two Strong Support Zones

On the H1 chart, the price which was creating series of lower highs, lower lows has made a turn around and has created higher highs for the first time in a while, which we may consider as evidence of bullish pressure. In addition to this, the price has also broke above the most recent downtrend line, which we may consider as another evidence of bullish pressure. Also, we could see that the price has created a bullish divergence which formed between the first low formed at 1.46165 and the second low formed at 1.46104 based on the MACD indicator. The price then moved higher and broke above the last high at 1.46653 creating higher highs, we have this higher highs on the MACD indicator as well, thus forming a classical setup of bullish divergence followed by bullish convergence, we may consider these as other evidences of bullish pressure. Generally after a bullish convergence we may expect correction and then further continuation higher and currently, it looks like a correction is happening. So everything looks good here for the bulls and until the two strong support zones hold my short term view remains bullish here and I expect the price to move higher further after pullbacks.

 

 

Trading Tips

It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short term buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.

Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.

You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.

 

Not sure how to enter a trade? Spot reversals (bounces)? Not sure how to spot breakouts?

I invite you to

JOIN HOME TRADER CLUB NOW

And improve your trading with us.

Also, you can get one of our strategies free of charge. You will find all the details here

 

If you have any further questions, don’t hesitate to drop a comment below!

 

Happy Trading!

Arvinth Akash
Home Trader Club Team

Advertisement

Click To Join Our Community Telegram Group

Arvinth Akash

Recent Posts

🎄✨Wishing You a Prosperous Holiday Season: Christmas & New Year 2025 🎄✨

As we approach the end of another remarkable year, it’s time to take a moment…

2 days ago

Weekly Summary And Review 20th December 2024

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of December…

5 days ago

US Stocks Face Headwind From Rising Yields After Fed Signals Fewer Rate Cuts

The rally in U.S. stocks is encountering a fresh hurdle -- a potentially problematic rise…

6 days ago

EURAUD Short Term Forecast And Technical Analysis

Hi Traders! EURAUD short term forecast and technical analysis post is here. We do our…

6 days ago

GBPCHF Short Term Forecast Follow Up and Update

Hi Traders! GBPCHF short term forecast follow-up and update is here. On October 3th, 2024…

7 days ago

AUDJPY Short Term Forecast And Technical Analysis

Hi Traders! AUDJPY short term forecast and technical analysis post is here. We do our…

7 days ago