EUR/CAD Price Forecast: Remains below 1.4850, next barrier at a pullback resistance

• EUR/CAD may find an immediate barrier around a “pullback resistance” at the 1.4870 level.
• The 14-day RSI remains below the 50 level; a further decline toward the 30 mark would strengthen bearish bias.
• The psychological level of 1.4800 appears as the immediate support for the pair.

The EUR/CAD cross attempts to halt its two days of losses, trading around 1.4840 during the Asian session on Tuesday. An analysis of the daily chart highlights a strong bearish bias, as the pair remains below the nine-day Exponential Moving Average (EMA).

The 14-day Relative Strength Index (RSI), a key momentum indicator, stays below the 50 level, indicating sustained bearish momentum. A further dip toward the 30 level would intensify this downward trend for the EUR/CAD cross.

Additionally, the nine-day Exponential Moving Average (EMA) remains below the 14-day EMA, signaling continued weakness in short-term price momentum for the EUR/CAD cross.

On the downside, the EUR/CAD cross may test the psychological level of 1.4800, followed by the key level of 1.4700. A break below the latter could put downward pressure on the pair to navigate the region around its seven-month low of 1.4587 level.

Regarding the resistance, the EUR/CAD cross finds an immediate barrier around “throwback support” turned “pullback resistance” at the 1.4870 level. A break above the level could lead the pair to test the nine-day EMA at 1.4951 level, followed by the 14-day EMA at 1.4974 level.

EUR/CAD: Daily Chart