EUR/CAD extends its losing streak to a fifth consecutive session, trading near the 1.4770 level during early European trading hours on Thursday.
EUR/CAD may navigate the region around the psychological level of 1.4700. The 14-day RSI indicates sustained bearish momentum, hovering slightly above the 30 level. The cross may test the area near the “pullback resistance” around the 1.4870 level. Daily chart technical analysis points to waning short-term momentum, with the nine-day Exponential Moving Average positioned below the 14-day EMA.
4870, a level that previously served as support but has now become “pullback resistance.” A move above this “throwback” level could suggest cautious bullish sentiment emerging among traders. If EUR/CAD breaks above 1.4870, the focus would then shift to the nine-day EMA at 1.4884 and the 14-day EMA at 1.4922. These EMAs act as dynamic resistance points that would need to be surpassed for any substantial bullish momentum to gain traction.
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