FxWirePro: EUR/CAD slips below 5-DMA, on track to test 20-DMA at 1.5695, stay short

• EUR/CAD is extending downside from 8-1/2 year highs at 1.6122 hit earlier this week.
   
• The pair has broken below 1.60 handle, breaches support at 5-DMA, bias lower.
   
• Technical studies are turning bearish. Stochs and RSI have rolled over from oversold levels.
   
• MACD is on verge of a bearish crossover which if completed will add to bearish bias.
   
• Next major support on the downside lies at 1.57 levels (nearly converged 20-DMA and trendline).
   
• Violation at 20-DMA support will see further weakness. Scope then for test of 50-DMA at 1.5412.

Support levels - 1.5835 (March 5 low), 1.57 (nearly converged 20-DMA and trendline), 1.55 (Feb 23 low), 1.5579 (Feb 28 low)

Resistance levels - 1.5941 (5-DMA), 1.60, 1.6122 (Mar 7 high)

Recommendation: Good to go short around 1.5860, SL: 1.5945, TP: 1.5835/ 1.58/ 1.57.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest