FxWirePro: EUR/CAD breaks below 50-DMA, intraday bias bearish, stay short

• EUR/CAD has shown break below 50-DMA on Thursday's trade, intraday bias bearish.
   
• The pair has broken consolidation phase and break below 50-DMA now confirms further downside.
   
• Bearish RSI divergence keeps downside bias intact. Next bear target below 50-DMA lies at 1.4695 (38.2% Fib).
   
• Technical indicators on daily charts are biased lower, RSI is below 50 and we see scope for further downside.
   
• Stochs are at oversold levels which could see some pull back in the pair.
   
• Bearish Stochastics divergence seen on weekly charts, RSI is biased lower, while Stochs are on verge of rollover from overbought levels.

Support levels - 1.4776 (June 14 low), 1.47, 1.4695 (38.2% Fib of 1.3774 to 1.5258 rally)

Resistance levels - 1.4843 (50-DMA), 1.4910 (23.6% Fib & 10-DMA), 1.4960 (Nov 4 2016 high), 1.50

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-CAD-slips-below-50-Fib-50-DMA-at-14818-in-sight-stay-short-752504) has hit TP1.

Recommendation: Lower trailing stops to 1.4850, stay short, target 1.4670.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 17.9905 (Neutral), while Hourly CAD Spot Index was at 68.2579 (Neutral) at 0915 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.