EUR/CAD produced a Doji candle yesterday at a double top resistance. The price has been bearish in the intraday charts. Major intraday charts suggest that the price may get more bearish and make a strong bearish move. Thus, the bear may dominate in the pair today, which may make the pair remain bearish in the coming days.
Chart 1 EUR/CAD Daily Chart
The chart shows that the price made a bullish move and had a rejection at 1.55500. It produced a bearish engulfing candle and then headed towards the level again. Yesterday, it produced a Doji candle. If today’s candle comes out as a bearish engulfing candle, it may attract the sellers to go short in the pair and drive the price towards the South further. The price may find its next support around 1.52000. On the other hand, if today’s candle comes out as a bullish candle closing above 1.55500, the price may head towards the North and find its resistance around 1.56600.
Chart 2 EUR/CAD H4 Chart
The chart shows that the price had a strong rejection at 1.55520 and produced a bearish engulfing candle. It consolidated and produced another bearish candle. It is a strong signal for the sellers to go short. The price may head towards the South and find its support at the level of 1.54000. It may try to make a bullish reversal from 1.54000. If it does, then it may get choppy before finding its next direction.
Chart 3 EUR/CAD H1 Chart
The chart shows that the price after making a bullish move found its resistance around 1.55655. It has been bearish since then. As of writing, the last two candles came out as strong bearish candles as well. The sellers may go short at its strength. The level of 1.54645 may work as a level of resistance. The sellers will be eyeing on the level to get a bearish reversal candle to go short in the pair. The price may find its next support around 1.54230. If the price breaches the level, it may make its bullish move and find its resistance around 1.55300.
The daily chart may need a day to get very bearish. The H4 and the H1 chart look to be ready to make their bearish move. Considering these three charts, it seems that the pair may end up producing a bearish candle in the daily chart. If the candle closes with a tiny lower shadow, it may remain bearish for several days.