EURCAD has moved finely in accordance to our analysis/signal published on 2nd Aug from 1.4818 as entry entry price, 1.5030 as our targeted destination and 1.4678 as our stop loss. Market made a higher high in four hourly time frame moving beyond our targeted destination i.e 1.51125, slight moving a few pips above our daily and weekly major resistance i.e 1.50960. The analysis was based on the expected higher degree of correction followed by advanced corrective structure which had got the pair stuck in a range bound between 1.4667 and 1.47923 i.e EURCAD current weekly and daily support. EURCAD in daily took a reversal from its daily high near exponential moving average 200 i.e 1.49744; that zone had become very weak in terms of supply and demand which favored the bears mostly but we mentioned that a closing above the aforementioned area would provide us with a fractal confirmation of the market to move further in terms of hawkish sentiments and it did. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

From the current market perspective, we are expecting a bearish reversal from the exponential moving average 200 in daily time towards its resistance turned support i.e 1.4950 and then continue its bullish trend from that price towards our 61.8% fibb retracement level i.e 1.53379. But from the bearish market scenario if we get a bearish closing below our exponential moving average 200 in daily after a bearish retest, this can then become a point of continuation of bearish trend towards 1.46000. The four hourly chart is adjusting itself by taking an exit from the overbought conditions and moving towards our exponential moving average 50 and 200, a bullish closing above the aforementioned EMAs can become the point for another hawkish maneuver. 

EURCAD

Aug 23 2021