On November 4, 2022, EUR/CAD began to move in a bullish direction, and this trend is still visible on the price chart. There is a significant likelihood that a bearish wave will form because the ascending slope of the chart has recently started to decline and certain bearish signals are present on the chart. The price line has already broken below the dynamic support line, which is indicated by the blue ascending channel on the chart. This channel supported the price line as it passed through the aforementioned ascending wave. While MACD and Signal lines are emitting a negative signal and have crossed, MACD histograms have turned a mild shade of red. A resistance area that has recently been able to dump the price line is indicated by the red box above the price line. In order to enter short positions, sellers should maintain a close eye on the chart and wait for any bearish triggers to be pulled.
• There is a resistance level at 1.46000 followed by resistance at 1.46420 and 1.46950.
• There is a support level at 1.43000. Below, there is 1.41230 and 1.39750.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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