FxWirePro: 10-DMA caps upside in EUR/CAD, momentum studies bearish
EUR/CAD edges lower from session highs at 1.4385, 10-DMA (currently at 1.4411) weighs on the upside. Momentum studies are bearish, RSI below 50 levels, pointing south and MACD below zero supports downside. The pair finds…
EUR/CAD edges lower from session highs at 1.4385, 10-DMA (currently at 1.4411) weighs on the upside.
Momentum studies are bearish, RSI below 50 levels, pointing south and MACD below zero supports downside.
The pair finds strong trendline support at 1.4350 levels, break below is likely to accentuate downside.
Steady performance from EUR seen during the Asian session, focus now on EMU’s Investor Sentiment tracked by the Sentix index along with producer price data for further momentum in the pair.
EUR/CAD finds support below 1.4350 at 1.4330 (July 1st lows) and then 1.4325 (June 30th lows).
On the upside resistance is seen at 1.4375 (5-DMA) ahead of 1.4411 (10-DMA) and then 1.4440 (20-DMA).
Recommendation: Good to go short on a decisive break below 1.4350, SL: 1.4375, TP: 1.4315/ 1.4295/ 1.4270.
