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Refer EUR/CAD chart on Trading View
- EUR/CAD has failed to extend gains above 1H 200-SMA.
- Price action has broken below major EMAs on the hourly charts and is currently holding support at hourly cloud.
- Technical indicators on the hourly charts have turned bearish.
- We see a bearish divergence on RSI and Stochs which adds to bearish bias.
- Break below hourly cloud to see test of 78.6% Fib at 1.4808. Further downside only ob break below.
- We see bearish invalidation only on breakout above 1H 200-SMA.
Support levels - 1.4907 (converge hourly cloud base and 5-DMA), 1.4808 (78.6% Fib)
Resistance levels - 1.4977 (1H 200-SMA), 1.5070 (21-EMA)
Recommendation: Stay short below 1.49, target 1.4810.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 102.484 (Bullish), while Hourly CAD Spot Index was at -75.5389 (Neutral) at 1035 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
