FxWirePro: EUR/CAD Trade Idea

FxWirePro Currency Strength Index for EUR/CAD: Bias Bearish
FxWirePro's Hourly EUR Spot Index was at -88.9839 (Bearish)
FxWirePro's Hourly CAD Spot Index was at 142.356 (Bullish)

Technical Analysis: Bias Bearish
- The pair has shown a decisive break below 200-DMA
- Price action has dipped below daily cloud
- Momentum bearish, RSI and Stochs sharply lower
- MACD has shown a bearish crossover on signal line and we see -ve DMI dominance

Support levels - 1.5197 (55W EMA), 1.5149 (May 10 low), 1.5095 (61.8% Fib), 1.5053 (May 17 low)
Resistance levels - 1.5245 (cloud), 1.5288 (50-DMA), 1.53 (5-DMA)

Recommendation: Good to stay short around 1.5220/30, SL: 1.53, TP: 1.5150/ 1.5095

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.