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 it. The price line has already broken below the dynamic support line, which is indicated by the red ascending line on the chart. This line 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. Sellers should maintain a close eye on the chart, watching for any signs of a bearish trigger so they can enter short positions and move toward the support levels listed below.
• There is a resistance level at 1.40000 followed by resistance at 1.38200 and 1.37000.
• There is a support level at 1.44900. Below, there is 1.45970 and 1.47000.
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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