FxWirePro: EUR/CAD breaks out of 'Descending Triangle' pattern, bias bullish

EUR/CAD chart - Trading View 

EUR/CAD was trading 0.16% higher on the day at 1.5380 at around 06:25 GMT, outlook bullish.

The pair has shown a break out of 'Descending Triangle' pattern and technical analysis supports further gains.

Price action is above major moving averages and rages within the daily cloud. 5-DMA is biased higher.

Momentum is bullish. RSI is above 50 and biased higher. Stochastics show bullish momentum.

Analysis of the GMMA indicator shows major trend is neutral, while minor trend has turned bullish.

Next major hurdle for the bulls lies at cloud top at 1.5522. Break above cloud will support further gains.

Immediate support is seen at 5-DMA at 1.5338. Break below 110-EMA at 1.5130 negates bullish bias.

Major Support - 1.5130 (55-EMA); Major Resistance - 1.5522 (Cloud top)