EUR/CAD Price Analysis: Euro steadies near 1.5600 as bearish pressure builds

Source Fxstreet
  • EUR/CAD trades around the 1.5600 zone after a modest decline in Monday’s session.
  • Short-term indicators confirm bearish sentiment, while longer-term trends remain mixed.
  • Key support levels hold below, while resistance clusters just above the current range.

The EUR/CAD pair traded near the 1.5600 zone on Monday, reflecting a minor loss after the European session as selling pressure persisted. The pair remains within the middle of its daily range, suggesting cautious sentiment as traders assess the broader outlook. While short-term momentum remains tilted to the downside, longer-term trend indicators provide a more supportive backdrop, adding complexity to the current technical picture.

From a technical standpoint, the pair exhibits a generally bearish bias. The Relative Strength Index sits in the 40s, reflecting balanced momentum without immediate oversold conditions. The Moving Average Convergence Divergence confirms the bearish tone with a clear sell signal, aligning with the broader short-term trend. Meanwhile, the Ultimate Oscillator also holds in the 40s, reinforcing the neutral-to-bearish outlook, while the Bull Bear Power and Stochastic %K remain in neutral territory, indicating a lack of strong directional momentum.

Short-term trend indicators further support the downside bias. The 10-day Exponential Moving Average and 10-day Simple Moving Average both sit above the current price and slope downward, reinforcing immediate resistance. The 20-day Simple Moving Average also trends lower, adding to the selling pressure. In contrast, the 100-day and 200-day Simple Moving Averages remain well below current levels, suggesting that broader structural support persists despite the recent pullback.

Support levels are identified at 1.5549, 1.5369, and 1.5264. Resistance is found at 1.5617, 1.5627, and 1.5633. A sustained break below the immediate support zone could accelerate the decline, while a recovery above resistance would be needed to challenge the prevailing bearish outlook.

Daily Chart

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Forex Today: US Dollar consolidates Fed-inspired gains, key data incomingThe US Dollar corrects lower after gathering strength against its rivals on Wednesday, supported by strong data releases and the Fed's cautious tone on policy-easing.
Author  FXStreet
Jul 31, Thu
The US Dollar corrects lower after gathering strength against its rivals on Wednesday, supported by strong data releases and the Fed's cautious tone on policy-easing.
placeholder
Bitcoin Short-Term Holders Are Selling At A Loss Amid Ongoing Price FluctuationsAfter coming close to the $120,000 price mark a few days ago, Bitcoin’s price faced notable bearish pressure, causing the flagship asset to fall back to $116,000.
Author  Bitcoinist
8 hours ago
After coming close to the $120,000 price mark a few days ago, Bitcoin’s price faced notable bearish pressure, causing the flagship asset to fall back to $116,000.
placeholder
Gold Price Forecast: XAU/USD holds losses below $3,300 as Trump sets baseline tariff rate of 10%The Gold price (XAU/USD) trades in negative territory near $3,285 during the early Asian trading hours on Friday.
Author  FXStreet
7 hours ago
The Gold price (XAU/USD) trades in negative territory near $3,285 during the early Asian trading hours on Friday.
placeholder
Japanese Yen refreshes multi-month low against USD; seems vulnerable ahead of US NFPThe Japanese Yen (JPY) touches a fresh four-month low against its American counterpart during the Asian session on Friday and seems vulnerable to weaken further.
Author  FXStreet
6 hours ago
The Japanese Yen (JPY) touches a fresh four-month low against its American counterpart during the Asian session on Friday and seems vulnerable to weaken further.
placeholder
Gold price flat lines above one-month low as traders seem reluctant ahead of US NFP reportGold price (XAU/USD) trades with a negative bias below the $3,300 mark during the Asian session on Friday.
Author  FXStreet
3 hours ago
Gold price (XAU/USD) trades with a negative bias below the $3,300 mark during the Asian session on Friday.
goTop
quote