EUR/CAD chart on Trading View used for analysis
- EUR/CAD has paused upside, trades 0.25% lower on the day.
- Upside has been capped at daily cloud and we see further gains only on break above.
- Momentum studies are bullish, RSI above 50 levels and MACD is also biased higher.
- Break above cloud targets 200-DMA at 1.5354. Violation there could see further upside.
- Major trend in the pair is bearish. Rejection at daily cloud could see resumption of weakness.
Support levels - 1.5025 (21-EMA), 1.5011 (5-DMA)
Resistance levels - 1.5165 (110-EMA), 1.5255 (trendline), 1.5354 (200-DMA)
Recommendation: Good to go long on breakout at daily cloud, SL: 1.5030, TP: 1.5275/ 1.53/ 1.5355
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
