EUR/CAD forecast for March 22, 2021

1

The chart on the weekly time frame shows that the EUR/CAD pair is testing the Fibonacci 61.8% level at 1.49200. The EUR/CAD pair dropped below the moving averages of the MA200 and EMA200, and now we can expect a pullback that will pull the pair above this Fibonacci level by testing again these two moving averages close to 50.0% Fibonacci levels at 1.51000. At the bottom, we have a trend line that is also good support for us, and as the couple approaches it, the rejection is becoming more relevant and possible.

EUR/CAD

EUR/CAD

On the daily time frame, we see the EUR/CAD pair’s movement in one falling channel where it is now testing the bottom line, and here we can now expect a bounce and a shorter pullback to the top channel line at 1.51000. Before that, we will test the psychological level at 1.50000, which can be a potential resistance because, in the previous testing, the EUR/CAD pair slipped below looking for better support on the charts. To continue the bearish trend, we need a break below 1.48000.

EUR/CAD

EUR/CAD

In the four-hour time frame, we see the EUR/CAD pair bounce off the bottom line of this falling channel, oscillating around moving averages of MA20 and EMA20, and will likely soon test the MA50, breaking above the push to MA200 and EMA200 at 1.51000. If the EUR/CAD pair fails to do so, they will return below MA20 and EMA20 and continue down, looking for better support on the chart.

EUR/CAD

EUR/CAD

From the news for this currency pair, we can single out the following: The surplus on the current account of the Eurozone dropped in January, the European Central Bank said on Monday. The current account recorded a surplus of 30 billion euros in January, compared to 37 billion euros from the previous month. According to Bundesbank, due to temporary locking measures, the German economy will shrink sharply in the first quarter of 2021. This follows from last week when the German Council of Economic Experts (GCEE) predicted that the first quarter’s German GDP would be negative at 2%. “The biggest risk to the German economy is a potential third wave of infections,” according to GCEE member Volker Wieland, and this appears to be taking place as various countries across Europe renew or extend locking measures.

.wp-review-98423.review-wrapper { font-family: ‘Open Sans’, sans-serif; }

  • Support

  • Platform

  • Spread

  • Trading Instrument

.wp-review-98423.review-wrapper {
width: 100%;
float: left;
}
.wp-review-98423.review-wrapper,
.wp-review-98423 .review-title,
.wp-review-98423 .review-desc p,
.wp-review-98423 .reviewed-item p {
color: #555555;
}
.wp-review-98423 .review-title {
padding-top: 15px;
font-weight: bold;
}
.wp-review-98423 .review-links a {
color: #ffb900;
}
.wp-review-98423 .review-links a:hover {
background: #ffb900;
color: #fff;
}
.wp-review-98423 .review-list li,
.wp-review-98423.review-wrapper {
background: #ffffff;
}
.wp-review-98423 .review-title,
.wp-review-98423 .review-list li:nth-child(2n),
.wp-review-98423 .wpr-user-features-rating .user-review-title {
background: #e7e7e7;
}
.wp-review-98423.review-wrapper,
.wp-review-98423 .review-title,
.wp-review-98423 .review-list li,
.wp-review-98423 .review-list li:last-child,
.wp-review-98423 .user-review-area,
.wp-review-98423 .reviewed-item,
.wp-review-98423 .review-links,
.wp-review-98423 .wpr-user-features-rating {
border-color: #e7e7e7;
}
.wp-review-98423 .wpr-rating-accept-btn {
background: #ffb900;
}
.wp-review-98423.review-wrapper .user-review-title {
color: inherit;
}
.wp-review-98423.review-wrapper .user-review-area .review-circle { height: 32px; }

Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.

View original post