FxWirePro: EUR/CAD breaks above 50% Fib, bias higher, stay long

• EUR/CAD has shown a break above 50% Fib retrace of 1.6105 to 1.3784 fall at 1.4944.
   
• The pair is extending break above major trendline resistance at 1.4820, bias remains higher.
   
• We see scope for test of 1.52 levels and on the flipside, break below trendline will see drag till 1.4670 (38.2% Fib).
   
• Euro largely unchanged after Eurozone prelim GDP and PPI data. Eurozone economy advanced 0.5% on quarter in the three months to March of 2017 as expected.
   
• While, EZ Producer Price Index (YoY) registered at 3.9%, below expectations (4.1%) in March.
   
• Data released on Tuesday showed EU Markit Manufacturing PMI slightly below expectations, prints at 56.7 compared to 56.8 forecasted.
   
• Technical indicators are bullish on weekly and daily charts, but remains in highly overbought zone which suggests caution.

Support levels: 1.4944 (50% Fib), 1.4914 (5-DMA), 0.48 (trendline), 1.4755 (April 27 low)

Resistance levels: 1.50, 1.5016 (Mar 10 2016 high), 1.5218 (61.8% Fib)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-CAD-breaks-major-trendline-resistance-at-14820-bias-higher-673987) is progressing well.

Recommendation: Hold for targets.