Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/CAD upside capped at 21-EMA, good to go long on break above

  • EUR/CAD has retraced from session highs at 1.5325, finds stiff resistance at 21-EMA at 1.5329.
     
  • The pair is trading 0.25% higher on the day at 1.5296 at the time of writing. 
     
  • The pair has failed to close below 1.52 handle and has shown a 'Doji' formation on last Friday's trade, raising scope for further upside.
     
  • Technical indicators for the pair are turning slightly bullish. RSI is biased higher and Stochs are on verge of rollover from oversold levels.
     
  • Price action has broken above 50-DMA and is testing daily cloud. Break above 21-EMA could see further upside.
     
  • On the flipside, breakout below 5-DMA could see test of 61.8% Fib at 1.5095.

Support levels - 1.5296 (50-DMA), 1.5259 (5-DMA), 1.52, 1.5095 (61.8% Fib)

Resistance levels - 1.5329 (21-EMA), 1.5342 (200-DMA), 1.5446 (100-DMA)

Recommendation: Stay long on breakout at 21-EMA, target 100-DMA at 1.5446.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 73.4201 (Neutral), while Hourly CAD Spot Index was at -21.9846 (Neutral) at 0830 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.