FxWirePro: EUR/CAD upside pauses shy of 61.8% Fib, momentum studies bullish, stay long

• EUR/CAD is extending gains after 'Symmetric Triangle' breakout, momentum studies bullish.
   
• The pair has paused upside just shy of 61.8% Fib retrace of 1.6105 to 1.3783 slide at 1.5218.
   
• Upbeat PMI surveys coming out of the Euro-zone helped offset concerns over the latest German political uncertainty and remained supportive of the Euro.
   
• Technical indicators also support upside. Momentum studies are bullish, RSI is also strong at 64 levels and biased higher.
   
• Immediate resistance lies at 1.5218 (61.8% Fib retrace of 1.6105 to 1.3783 slide) break above to see test of 1.5258 (May 2017 high).
   
• On the flipside, 20-DMA at 1.4959 is strong support, we see weakness on break below.

Support levels - 1.5121 (5-DMA), 1.51, 1.50, 1.4959 (20-DMA)

Resistance levels - 1.5218 (61.8% Fib retrace of 1.6105 to 1.3783 slide), 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) has almost hit TP1.

Recommendation: Book partial profits, trail stop loss to 1.5120. Hold for targets.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 92.3369 (Bullish), while Hourly CAD Spot Index was at -138.028 (Bearish) at 0430 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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