EUR/CAD is in the throes of a significant upside correction. Bears need to clear prior highs and the 4-hour 10 SMA. EUR/CAD has firmed within a solid upside correction at the start of the week which is invalidating prospects of a nearer-term downside extension of the weekly bearish trend. The following illustrates the compelling case for a deeper test of supply prior to a bearish continuation. Weekly chart The weekly wick is expected to be filled in on the lower time frames but the upside correction prospects are compelling all the way towards a 50% mean reversion of the weekly bearish impulse that meets with prior lows. Daily chart That being said, from a daily perspective, the bulls don’t need to look so far for a prior support structure that has a confluence with the 61.8% Fibonacci retracement. 4-hour chart EUR/CAD has moved higher within the corrective motion to now stand above the 10-moving average on the 4-hour chart. The rally has solidified a support structure from which bulls can target prior lows. Only on a break below the 10-SMA and newly formed support structure will the environment turn bearish. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD treading water in the mid-0.7100s ahead of key events this week FX Street 8 months EUR/CAD is in the throes of a significant upside correction. Bears need to clear prior highs and the 4-hour 10 SMA. EUR/CAD has firmed within a solid upside correction at the start of the week which is invalidating prospects of a nearer-term downside extension of the weekly bearish trend. The following illustrates the compelling case for a deeper test of supply prior to a bearish continuation. Weekly chart The weekly wick is expected to be filled in on the lower time frames but the upside correction prospects are compelling all the way towards a 50% mean… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
