- EUR/CAD rises 0.87% on Monday.
- The pair snapped a four-day losing streak as bears eased pressure, consolidating after indicators reached oversold territory.
- EUR/CAD could embark on sideways moves as the pair corrects after a furious streak of losses.
EUR/CAD broke its four-day losing streak on Monday, rising 0.87% to 1.4690. The pair appears to be consolidating after a furious streak of losses, with bears easing pressure as technical indicators reach oversold territory.
EUR/CAD technical analysis suggests a sideways trend. The Relative Strength Index (RSI) is recovering, indicating increasing buying pressure, while the Moving Average Convergence/Divergence (MACD) histogram remains flat and red, implying that selling pressure is still present. but it is not gaining momentum.
The EUR/CAD pair broke its four-day losing streak on Monday, consolidating after a sharp decline. The easing of selling pressure and oversold technical indicators suggest that the pair could embark on sideways moves. Although the RSI indicates buying pressure, the MACD remains flat, hinting at persistent selling interest.
EUR/CAD Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
