FxWirePro's Hourly Currency Strength Index Bias for EUR/CAD: Bearish
FxWirePro's Hourly EUR Spot Index was at -112.487 : Bearish
FxWirePro's Hourly CAD Spot Index was at 108.342 : Bearish
Technical Studies: Bias bearish
- RSI and Stochs biased lower, RSI weakness seen below 50 levels
- MACD shows bearish crossover on signal line
- Price action dips into daily cloud, hovers around 100-DMA at 1.4759
- 5-DMA sharply lower and has shown bearish crossover on 20-DMA
Support levels - 1.4741 (50-DMA), 1.47, 1.4685 (Oct 18 low), 1.46 (trendline)
Resistance levels - 1.4838 (5-DMA), 1.4848 (20-DMA), 1.5040 (Oct 31 high)
Recommendation: Good to go short on break below 1.4740, SL: 1.4840, TP: 1.47/ 1.4685/ 1.46.
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