EURCAD Analysis:
EURCAD is rebounding from the higher low and the retest area of the ascending triangle in the 4-hour timeframe chart.
After the confirmation of the Upward movement, the EURCAD Buy signal is given.
Why EURO is weak?
1. Russia has Stopped the Gas supply for Euro regions and announced 30k more soldiers in War to bring the Ukraine under control.
2. Inflation soaring across all western countries economies like US, CHF, Euro and GBP. So, all Banks hiked interest rates more than 50bps.
3. Main reason Gas and Energy bills are much higher in the Euro region which makes Euro weaker today against counter pairs.
4. Until Russia open a Nord 1 streamline, Euro will remain weak.
Due to the fundamental Economic news impacts, EURO is getting weak. Which leads to the SL price.
Please note: In the forex market, technical works 80% of the time, and fundamental works 20% of the time. This time fundamental wins. Be patience and wait for the next good opportunity signal.
As per the technical analysis, EURO is still around the higher low area, if the higher low breaks, it will move on to the next further support zones.
Don’t trade all the time, trade forex only at the confirmed trade setups.
Get more confirmed trade setups here: forexgdp.com/forex-signals/
