The EUR/CAD witnessed a 0.40% uptick to 1.4740 on Tuesday, although bulls faced resistance at the 100-day Simple Moving Average (SMA) and retreated from the seven-day high of 1.4980.
EUR/CAD rose 0.69% on Tuesday to 1.4780. Sellers successfully defended the 100-day SMA, reversing the pair's advance to the seven-day high at 1.4980. Bulls may keep pushing the EUR/CAD higher if momentum persists and the 100-day SMA is breached. The EUR/CAD witnessed a 0.40% uptick to 1.4740 on Tuesday, although bulls faced resistance at the 100-day Simple Moving Average and retreated from the seven-day high of 1.4980.
The Relative Strength Index , currently at 44, suggests that buying pressure is recovering despite being in negative territory. The Moving Average Convergence Divergence histogram's red and decreasing condition indicates a decline in selling pressure. These indicators point to a potential trend reversal. The EUR/CAD pair is currently facing resistance at the 100-day SMA. If the pair breaks above, it could extend its recovery.
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