EUR/CAD Price Analysis: Euro steadies near 1.5600 as bullish signals hold firm

Source Fxstreet
  • EUR/CAD trades around the 1.5600 zone after solid gains in Tuesday’s session.
  • Mixed momentum signals, with broader trend support from longer-term averages.
  • Key support levels hold below, while resistance clusters just above current levels.

The EUR/CAD pair advanced on Tuesday, trading near the 1.5600 zone after the European session, reflecting a strong bullish tone as the market heads into the Asian session. The pair remains positioned within the middle of its recent range, suggesting that buyers maintain control despite mixed short-term signals. The broader technical structure remains supportive, underpinned by a cluster of rising moving averages that continue to reinforce the overall uptrend.

From a technical perspective, the pair presents a mixed but generally positive outlook. The Relative Strength Index sits in the 40s, reflecting balanced momentum without immediate overbought pressure. The Moving Average Convergence Divergence, however, continues to flash a sell signal, highlighting the potential for short-term pullbacks. Meanwhile, the Average Directional Index remains in the 20s, reflecting a relatively weak trend strength, while the Williams Percent Range and Ultimate Oscillator also sit in neutral territory, suggesting the current momentum may lack conviction.

The broader trend structure is more supportive. The 100-day and 200-day Simple Moving Averages remain well below current levels and continue to slope upward, providing strong underlying support. Additionally, the 50-day Exponential Moving Average and 9-day Hull Moving Average also reinforce the bullish outlook, further supporting the broader uptrend despite the mixed short-term signals from momentum indicators.

Support levels are located at 1.5580, 1.5548, and 1.5372. Resistance is found at 1.5621, 1.5623, and 1.5627. A sustained move above the immediate resistance zone could confirm a broader breakout, while a drop below support might trigger a short-term correction, potentially testing the lower end of the recent range.

Daily Chart

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Oil edges lower as trade war concerns increase worries about fuel demandOil prices edged down on Tuesday as concerns the brewing trade war between major crude consumers the U.S. and the European Union will curb fuel demand growth by lowering economic activity weighed on investor sentiment.
Author  Reuters
Yesterday 01: 39
Oil prices edged down on Tuesday as concerns the brewing trade war between major crude consumers the U.S. and the European Union will curb fuel demand growth by lowering economic activity weighed on investor sentiment.
placeholder
Gold prices rise to over one-month high on softer dollar, bond yieldsGold prices climbed on Tuesday to their highest point in more than a month, supported by a weaker U.S. dollar and lower Treasury yields.
Author  Reuters
Yesterday 02: 58
Gold prices climbed on Tuesday to their highest point in more than a month, supported by a weaker U.S. dollar and lower Treasury yields.
placeholder
Gold price remains below $3,400, potential upside on trade-related anxietyGold price (XAU/USD) edges lower on Tuesday after two days of gains.
Author  FXStreet
Yesterday 06: 11
Gold price (XAU/USD) edges lower on Tuesday after two days of gains.
placeholder
Cathie Wood's Ark Invest bought 4.4M Bitmine shares as ETH ralliesCathie Wood's ARK Invest acquired over 4.4 million shares of Bitmine Immersion Technologies (BMNR), an Ethereum treasury firm.
Author  Cryptopolitan
22 hours ago
Cathie Wood's ARK Invest acquired over 4.4 million shares of Bitmine Immersion Technologies (BMNR), an Ethereum treasury firm.
placeholder
Gold price retreats from monthly top as modest USD strength prompts profit-takingGold price (XAU/USD) retreats from its highest level since June 16, around the $3,439 region touched during the Asian session on Wednesday.
Author  FXStreet
5 hours ago
Gold price (XAU/USD) retreats from its highest level since June 16, around the $3,439 region touched during the Asian session on Wednesday.
Related Instrument
goTop
quote