At the H4 chart EURCAD follows a bearish trend, evidenced by a sequence of lower lows and lower highs. Another tool to determine the trend are moving averages EMA on H4 (75- and 100-periodic) which are directed toward bottom .Price most of the time is below the aforementioned EMAs. Currently the price is testing the support at the round level of 1.4400.
The last test of these area led to correction of declines and formed a local low in the area of 1.4475. Currently, this level acts as resistance. In case of re-testing these areas it is likely we will see an increased response on from the bears. Constant breaking of support in the area of 1.4400, will increase the chances of further declines.
