The correction was expected after the break of support in the previous analysis.The market starts correction and hit its minimum target level.
In our today analysis, we will look for the confirmation of further possible downside movement.
Today I am sharing weekly and 4-Hour price forecast, Please go through the technical analysis written below.
Weekly EURCAD Technical Forecast
EURCAD is near to its resistance zone which was previously broken support acting as a resistance.
According to the technical rules, The resistance becomes support when its break.
The current market price is 1.55191 and it could move a little bit more up towards 1.5683. We are expecting a reversal from 1.5683 and the minimum target after reversal could be 1.5000.
Alternately if price move above, break and close above 1.5683 in a weekly candle, it will be clear indication to change bearish thoughts.
Please have a look a weekly technical analysis below, i have mentioned possible next movement target levels.
Weekly EURCAD Technical Chart
EURCAD 4-Hour Technical Analysis Forecast
Hourly Charts help us to spot the earliest trend or reversal. The price is moving in higher high and higher low direction in a 4-Hour technical chart. As we are expecting a reversal, we will look closely at the hourly chart to get the break confirmation of support line drawn at the chart below.
We will look for sell entry once the support line will break and the minimum short-term target after breaking the support could be around 1.54000.
Please have a look at 4-Hour technical chart below, I have mentioned the possible breakout levels.
EURCAD 4-Hour Technical Chart
EURCAD SUPPORT & RESISTANCE LEVELS
Support 1: 1.54000
Resistance 1 : 1.56839
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