EUR/CAD Stays Within the Ongoing Trading Range

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 AUG 31, 2021

EUR/CAD Daily Forecast

EUR/CAD had two movements yesterday before closing almost unchanged at 1.4872. Currently, the pair is trading at 1.4885 with immediate resistance levels at 1.4900 and 1.4941. The intraday support levels are at 1.4845 and 1.4819.

On the intraday charts, the pair is once again trading within the ongoing range. However, the pair is keeping above the moving averages. The SMA-14 is at 1.4824 and the SMA-50 Support line is at 1.4739. The mid-Bollinger band is at 1.4815 and the upper and lower bands are at 1.4981 and 1.4647 respectively. The RSI is at 54 and has an upwards curve. Considering, the nearby support levels and analyzing the current trading range, the pair is likely to move above the 1.4900 mark which makes it ideal for buying entries using the following levels

Direction: Buy

Entry: 1.4860

Take Profit: 1.4920

Stop-Loss: 1.4815