FxWirePro: EUR/CAD breaks above 200-DMA, eyes 38.2% Fib, stay long

EUR/CAD chart - Trading View 

• EUR/CAD spikes past 200-DMA, hits new monthly highs at 1.5154.
   
• Canadian dollar weakens insync with dip in oil markets, while the single currency gains upside traction on narrowing Greek-German yield spread.
   
• Greek government bond yields fell to near record low levels yesterday in response to comments by a senior official that a deal to repay IMF loan is imminent. 
   
• Focus now on Germany ZEW Economic sentiment index. The index is forecast to increase from -3.6 to 0 in April, which would make it the highest reading in a year. 
   
• Technical analysis supports upside in the pair. Scope for test of 38.2% Fib at 1.5168 ahead of Mar 22nd highs at 1.5214.
   
• Retrace below 200-DMA will negate the bullish bias. Dip till 21-EMA then likely.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CAD-finds-stiff-resistance-at-151-good-to-go-long-on-close-above-1525052) is progressing well.

Recommendation: Hold for targets. 

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