Published:  June 19, 2019 7:55 pm est
Harish Shahi Contributor Commodities Market Analysist Writer

by Harish Shahi,
Contributor  
NewsmovesMarketsForex

EURCADRates by TradingView

 

DAILY CHART ANALYST OF EUR CAD June 19, 2019

By looking at the daily chart we can see that EUR CAD had been unable to move on either side, some time it seems like bulls are moving up and some time it indicates that downfall is about to come. The tug of war is going between bulls and bears and traders are advised to sit aside and wait for clear breakout on either side.

The pair is moving in particular range of 1.4875 to 1.5218 levels so the valid breakout on any side is awaited. The present stance is suggesting us that the bears will win the war however we will get further confirmation once pair trades and settles below 1.4875 with a daily closing basis.

Presently pair is trading and sustaining below the moving average lines which is providing us neutral to bullish signal. As we have mentioned in our previous report that short the pair at 1.5500 for the target of 1.5250 an 1.5000 which has been achieved and our readers must have made profit from this move.  

It seems like bears are playing at front foot due to bearish marabuzo candlestick and killing all the bearish sentiments. The way bears are reacting it looks like they are approaching the 1.4850 and then 1.4700 level in near term.

Odds are in favor of bears

Odds are in favor of bears and intraday bias remains bearish on the EUR CAD as long as 1.5150 level remains intact. The RSI is also supporting the bears from negative territory and a bearish crossover has been occurred on the MACD indicator which is also generting bearish signal and strengthening the bears. The 1.5050 level is key resistance level followed by 1.5100 level whereas 1.4800 level is key support level follwed by 1.4750 level.

 

 

 

EURCAD Tug of war is going on, le’s see who wins June June 19 2019
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