EUR/CAD chart - Trading View
- EUR/CAD is extending grind higher, finds stiff resistance at 200-DMA.
- The pair is trading at 1.5129 at 0615 GMT, up 0.09% till the time on the day.
- Price action has bounced off 20-DMA support on Monday's trade.
- The pair has also formed 'Dragonfly Doji' candlestick pattern on the daily charts on Monday which raises scope for further upside.
- Technical studies are biased higher, Stochs and RSI show momentum is with the bulls.
- Break above 200-DMA will confirm bullishness. Next immediate resistance lies at 1.5168 (38.2% Fib).
- Immediate support lies at 5-DMA. Break below 20-DMA could see further weakness.
Support levels - 1.5106 (5-DMA), 1.5056 (20-DMA), 1.5028 (Mar 8 low)
Resistance levels - 1.5136 (200-DMA), 1.5168 (38.2% Fib), 1.5258 (50% Fib)
Recommendation: Stay long on break above 200-DMA, SL: 1.5050, TP:1.5170/ 1.5255/ 1.5275
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
