EUR/CAD Price Analysis: Bears taking on the 4-hour 21 SMA

• EUR/CAD is under pressure below a significant corrective high.
• Bears eyeing the Momentum for a downside opportunity. 

EUR/CAD is on the verge of a downside extension having completed a 38.2% Fibonacci retracement and the following analysis illustrates where the next opportunity to the downside could evolve.

Daily chart

The price has stalled at a 38.2% Fibo and the lower time frames can be monitored for bearish conditions. 

4-hour chart

The Momentum indicator remains in positive territory, but on a break of the 21-SMA, the bears will be back in control.