EUR/CAD chart on Trading View used for analysis
- EUR/CAD is extending weakness below 200-DMA, trades 0.14% lower on the day at 0600 GMT.
- Momentum indicators are highly bearish. RSI below 50, bias lower.
- MACD shows bearish crossover on signal line adding to the bearish bias.
- Dip till 61.8% Fib at 1.5093 likely. Further weakness to see test of trendline support at 1.5025.
- On the upside, 5-DMA is immediate resistance at 1.5241. Break above could see upside till 20-DMA.
Support levels - 1.51, 1.5093 (61.8% Fib), 1.5025 (trendline)
Resistance levels - 1.5170 (110-EMA), 1.5210 (200-DMA), 1.5241 (5-DMA)
Call Update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CAD-breaks-below-200-DMA-good-to-go-short-on-rallies-1481105) is progressing well.
Recommendation: Eyes 61.8% Fib at 1.5093, stay short.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
