FxWirePro: EUR/CAD consolidates major trendline breakout, bias higher, stay long

• EUR/CAD extends 'Symmetric Triangle' breakout, breaks major trendline resistance at 1.5125.
   
• German Chancellor A.Merkel’s CDU has opened the door to a ‘grand coalition’ government, leaving behind the political crisis that prevailed in past days.
   
• Latest PMI surveys for November signalled that the German and euro-zone economies appear to have strengthened further support the Euro.
   
• Technical indicators support upside. Momentum studies are bullish, RSI is also strong at 66 levels and biased higher.
   
• Next bull target lies at 1.5218 (61.8% Fib retrace of 1.6105 to 1.3783 slide ahead of 1.5258 (May 2017 high).
   
• On the flipside, 20-DMA at 1.4948 is strong support, we see weakness on break below.

Support levels - 1.51, 1.5076 (5-DMA), 1.50, 1.4948 (20-DMA)

Resistance levels - 1.5218 (61.8% Fib retrace of 1.6105 to 1.3783 slide ahead of 1.5258 (May 2017 high), 1.5281 (Nov 2016 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-CAD-extends-Symmetric-Triangle-breakout-good-to-go-long-above-15125-1025445) is progressing well.

Recommendation: Hold for targets.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 91.4167 (Bullish), while Hourly CAD Spot Index was at -77.6213 (Bearish) at 0800 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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