EUR/CAD Gaps Higher Likely To Rise Further

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 AUG 16, 2021

EUR/CAD Daily Forecast

EUR/CAD dropped back into the sideways trading range last week but sharply recovered towards the end of the week. Currently, the pair is trading at 1.4786 with immediate resistance levels at 1.4800 and 1.4841. The intraday support levels are at 1.4754 and 1.4739.

On the intraday charts, the pair has gapped higher which is likely to help bulls gain further ground despite the fact the current price is near the SMA-14 (1.4774) resistance area. The SMA-50 is at 1.4762 while the RSI is at 51 and has an upwards curve. The MACD is also indicating a further bullish trajectory. Following the intraday price pattern and analyzing the nearby resistance zones the pair is ideal for buy entries on small dips using the following levels

Direction: Buy

Entry: 1.4750

Take Profit: 1.4795

Stop-Loss: 1.4728